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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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Thursday, 07 April 16
PANAMAX RATES ARE FIRMING IN BOTH HEMISHEPHERES - FEARNLEYS
Capesize
With a great volume our of west Australia, rates were finally moving to upper 3's. and stabilizing towards the middle of the week in ...
Thursday, 07 April 16
BIMCO AND GIIGNL PUBLISH A GROUNDBREAKING VOYAGE CHARTER PARTY FOR LNG TRADE
BIMCO and the International Group of Liquefied Natural Gas Importers (GIIGNL) have today jointly issued the first definitive voyage charter party & ...
Wednesday, 06 April 16
HOW LONG SHIPPING CRISIS WILL BE; WHEN SHOULD OWNERS EXPECT THE BULK CARRIERS TO BECOME PROFITABLE? - INTERMODAL
It is the consensus that dry bulk shipping has been in a crisis for quite some time now. Bulk carrier values are at historical low levels, therefor ...
Tuesday, 05 April 16
DRY BULK REVISITS 1980S LOWS AND FACES UNCERTAIN LONGER TERM OUTLOOK - MSI | HELLENIC SHIPPING NEWS
With the market near bottom, attention is turning to the length of the downturn, the effect on asset values and the impact of broader demand side c ...
Monday, 04 April 16
THE LOADING, AND SUBSEQUENT DISCHARGE, OF UNSAFE NICKEL ORE - ALL TIME TO 'COUNT' - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In a recent, published, London arbitration award the English tribunal has held that all time lost as a result of loading, ...
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- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- The University of Queensland
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
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