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Wednesday, 30 March 16
VALEMAXES: THE BIGGEST NIGHTMARE OF TODAY'S DRY BULK MARKET - INTERMODAL
 At a time that Europe is still dealing with the aftermath of the terrorist attacks in Brussels our society is daily bombarded with news of terrorist-related acts in every corner of the world. While it is by no means the purpose of this column to cover such issues, it is hard to ignore the effects of such events upon our societies or the uncertainty they enforce upon the world economy –including shipping- that still fights with its own nightmares.
Let’s take the Valemaxes for example; the biggest nightmare of today’s dry bulk market.
At a time that sentiment and hard facts could not look any dimmer, it is with extreme numbness that markets received the news that Chinese shipping majors Cosco Group, China Merchants Group and ICBC Financial Leasing Co. have placed orders for 30 giant Valemax vessels that worth a combined $2.5 billion. The exact number of vessels on order varies according to different reports and whilst deliveries look set to commence in 2018, no one knows the exact schedule that has been agreed with the 4 Chinese yards that have agreed to undertake this ambitious project.
If we are to state the obvious, there is no denying that such move –originally designed to increase China’s grip on the supply side of iron ore- would put further pressure on independent shipowners amidst one of the longest ever downturns ever witnessed on the dry sector. However, instead over-dramatizing the situation let’s start looking for a silver lining in this mighty dark cloud...
Regardless of regulations about Tier III, WBTS and other emission regulations coming into forces, which surely have been accounted for into cost calculations, Vale and their partners should be taking into consideration that scrapping age for capes has already approached the 15year mark. If we assume a moderate renewal plan in place for the “overage” VLOC’s as well, then the table above will indicate that situation might not drastically worsen by the gradual introduction of VLOC’s over the next 3 years.
On the other hand, demand for coal and coal transportation –to be more specific- is on a negative trail and the importance of iron ore as a cargo is becoming integral to all cape owners/operators; hence, we expect the fight to be even harder between Capes and VLOC’s. Should Vale and their Chinese counterparts expect to see some sense out of this market, they should first ensure that scrapping intensifies and they stay true to the one principle that we need to hold for the next 3 years; NEGATIVE fleet growth.
By Christos Trageas
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 27 April 16
INDONESIAN COAL MINER KIDECO REPORTED NET PROFIT OF US$138.1 MILLION IN 2015
COALspot.com: Kideco Jaya Agung, one of the Indonesia's leading coal miners has reported net profit of US$138.1 million on revenue of US$1.65 b ...
Tuesday, 26 April 16
INDONESIA BANNED COAL EXPORTS TO PHILIPPINES BY BARGES DUE TO SECURITY CONCERN
COALspot.com: The Ministry of Energy and Mineral Resources (ESDM) on behalf of the government of Indonesia has Freeze coal exports by barges to Phi ...
Tuesday, 26 April 16
NEWBUILDING DEMAND DOWN EVERYWHERE? - CLARKSONS
Newbuild activity provides one indication of an owner country’s likely future fleet growth, though secondhand sale and purchase and demolitio ...
Monday, 25 April 16
CHINESE STEEL PRICE SURGE NOT SUSTAINABLE - FITCH
The rapid increase in Chinese steel prices so far this year is not sustainable, as it is largely due to a seasonal pick-up in construction and elev ...
Monday, 25 April 16
WEEKLY CS (I) COAL INDICES END ALMOST FLAT
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.05 percent week over week to averaging $38.67 per ton on this past Friday, acco ...
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- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- PTC India Limited - India
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
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