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Wednesday, 03 June 15
SHIPPING MARKET INSIGHT - VASSILIS LOGOTHETIS
 For some time now the Dry Bulk market has been severely affected by China’s slowing GDP growth rate that occurs in the background of increased supply of dry bulk tonnage. Daily rates for Capes are now well below $10,000 from over $200,000 in 2008, while the BCI index reached its historic low at 311 points during January 2015.
Hence, it comes as no surprise that numerous shipowners consider the demolition market as a possible solution to dispose of old large sized vessels that fail to cover their operating expenses at market’s current levels. But to conclude a perfect storm, the steel market, that is the main driving force behind prices offered by cash buyers and recycling yards for the acquisition of vintage tonnage for demolition, is currently under strong pressure as well. The latter stem from increased exports of cheap Chinese steel that is not absorbed domestically and has flooded the Indian sub-continent. Moreover, prices offered by recycling yards are also negatively affected by the large volume of bulkers that are available to be sold for scrap.
The aforementioned situation has resulted in prices offered nowadays for wet tonnage to range from 210 to 390, depending on the destination, and for dry tonnage from 210 to 370. Just a year ago prices ranged from 310 to 500 for the dry tonnage and 325 to 510 for the wet, a difference of more than 100 dollars per ltd.
Nevertheless, the situation in the Dry Bulk market for the Capes is so difficult that we have seen a large number of vessels finding their way to recycling yards even at these low price levels. In May alone, 15 Capes have been sold for scrap, while the same number of Capesize vessels went for scrap during the entire first five months of last year. This is something that generally characterizes the market as demo activity across all segments is higher to the one observed last year.
At this point in time and given the situation in the Dry Bulk market one should expect the increased trend of vintage bulkers heading for demolition to continue up to the point where the freight market reaches a more viable equilibrium regarding supply and demand of tonnage. Having in mind the large volume of the Dry sector orderbook this will definitely take some time and at the same time it will come as no surprise if current demo price levels slide further. Nonetheless, and despite any additional price softening that could be due, the demo market is expected to continue witnessing healthy activity, as long as the situation in the Dry Bulk market remains tricky.
By Vassilis Logothetis
Research Analyst
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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Friday, 05 June 15
U.S PRODUCED 15.1 MMST OF COAL THIS PAST WEEK; LESS 20.7% COMPARED TO SAME PERIOD IN 2014
COALspot.com – United States the second largest coal producer in the world has produced approximately totalled an estimated 15.1 million shor ...
Thursday, 04 June 15
DRY BULK MARKET FAILED TO OFFER ANY POSITIVE SURPRISES - INTERMODAL
COALspot.com: This has been another week that the Dry Bulk market failed to offer any positive surprises, while the BDI, which is still faring belo ...
Tuesday, 02 June 15
FOB INDONESIA COAL Q3 SWAP ADVANCED 1.73% MONTH OVER MONTH
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains month on month and lost week over week, this past week.
The Q3 swap was climbed ...
Tuesday, 02 June 15
FOB RICHARDS BAY COAL SWAPS; Q3'15 CLOSED HIGHER THAN Q1'16
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 up month over month and week over week.
The Q3 swap was up US$ 0.80 (1 ...
Monday, 01 June 15
35,000 MW POWER PLANTS TO BOOST COAL CONSUMPTION - JP
The government’s program to develop 35,000 megawatt (MW) power plants will increase domestic coal consumption, which currently stands at arou ...
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- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Eastern Energy - Thailand
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
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