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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, 31 March 16
CAPE: ANOTHER UNEVENTFUL WEEK WITH FIXTURES CONCLUDED AT LAST DONE LEVELS - FEARNLEYS
Cape
Another uneventful week with fixtures concluded at last done levels, CS levels remain around the USD 3 mark, whilst C3 is still just short o ...
Wednesday, 30 March 16
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO REVISE METHODOLOGY TO DETERMINE THE SELLING PRICE OF COAL TO MINE-MOUTH POWER PLANTS
COALspot.com: Ministry of Energy and Mineral Resources (ESDM) of Indonesia to review to revise methodology to determine the selling price of co ...
Tuesday, 29 March 16
BULK CARRIER VENTILATION - CAPTAIN PAUL R. WALTON
KNOWLEDGE TO ELEVATE
Moisture damage is a source of many cargo claims. Claimants allege that it is brought about by the ship’s failure t ...
Monday, 28 March 16
INDONESIAN WEEKLY CS50 COAL INDEX CLOSED SLIGHTLY FIRM; CS 57 INDEX CLOSED WEAK
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.03 percent week over week to averaging $38.91 per ton on this past Thursday, ...
Monday, 28 March 16
THE SUPRAMAX INDEX WAS UP TWENTY-FOUR POINTS TO 473 POINTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
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- Central Electricity Authority - India
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Planning Commission, India
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- The University of Queensland
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Parliament of New Zealand
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
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