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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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Monday, 25 April 16
BALTIC DRY INDEX ENDS WEEK ON A POSITIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 22 April 16
U.S WEEKLY DOMESTIC COAL OUTPUT UP 8.2 PER CENT - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.1 million short tons (mm ...
Thursday, 21 April 16
PANAMAX: A VERY HEALTHY NORTH ATLANTIC FOR BOTH ROUNDS AND FRONTHAUL
Capesize
Correcting after last week's quadrupling.
This year's highest daily average of USD 8000 came on the back of substantial pro ...
Wednesday, 20 April 16
2017 IS EXPECTED TO BE A MUCH BETTER YEAR FOR THE SHIPPING INDUSTRY - INTERMODAL
Some months ago we noted that all projections anticipated 2016 to be a better year from a macroeconomic point of view when compared to 2015. As we ...
Tuesday, 19 April 16
STARS STILL SHINING? KEY IMPORTERS THROUGH THE TELESCOPE - CLARKSONS
As the pace of growth in Chinese seaborne imports has slowed, and prospects for a return to stronger rates of expansion appear to have diminished, ...
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- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- The University of Queensland
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- MS Steel International - UAE
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
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