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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 04 April 16
INDONESIA CS57 COAL INDEX SLIDES SLIGHTLY WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.07 percent week over week to averaging $38.88 per ton on this past Friday, ac ...
Monday, 04 April 16
CAPE INDEX JUMPED 70% WEEK ON WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 01 April 16
ASSESSING THE DRY BULK MARKET AT ROCK BOTTOM - CLARKSONS
While the opening months of the year are typically a weak period for the dry bulk market, the downturn so far this year has been severe. Earnings h ...
Friday, 01 April 16
NINE AM - TIME TO GET AN INDONESIAN LANGUAGE VERSION OF YOUR CHARTERPARTIES - CLYDE & CO
KNOWLEDGE TO ELEVATE
For several years, Indonesian law (Article 31, Law Number 24 of 2009) has required that memoranda of understanding (" ...
Friday, 01 April 16
U.S. COAL PRODUCTION UP SLIGHTLY WEEK OVER WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.6 million shor ...
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- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Planning Commission, India
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Parliament of New Zealand
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- The University of Queensland
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- PTC India Limited - India
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
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