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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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Tuesday, 12 April 16
NO FURTHER SIGNIFICANT COAL PRICE DECLINES IN THE FUTURE - FITCH
COALspot.com: Fitch does not expect further significant coal price declines because producers sector-wide are suffering losses while China and Indo ...
Monday, 11 April 16
ON THE TIGHTROPE, IT CAN BE HARD TO KEEP YOUR BALANCE.... - CLARKSONS
Today’s headlines often point towards the impact of the demand side on the state of health of the shipping markets. But despite the fact that ...
Monday, 11 April 16
WEEKLY CS (I) COAL INDEX FOR 5700 GAR COAL UP 0.03 CENTS, OR ABOUT 0.06 PERCENT, TO $48.21 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.15 percent week over week to averaging $38.82 per ton on this past Friday, ac ...
Monday, 11 April 16
COAL IS NOT THE ENEMY TO FIGHT - ANDREA CLAVARINO, ASSOCARBONI
COALspot.com: “Coal is not the enemy to fight and electricity production from coal has an environmental impact in its lifecycle similar to na ...
Monday, 11 April 16
FORTY INDIAN COAL IMPORTERS UNDER THE DRI SCANNER FOR OVER-INVOICING : HINDU BUSINESS LINE
The Finance Ministry and the Directorate of Revenue Intelligence (DRI) of India are said to have stepped up investigations into the alleged over-in ...
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- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
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