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Wednesday, 01 July 15
BEIJING HAS OFFICIALLY EXTENDED BY TWO YEARS ITS SUBSIDY PROGRAM TO SUPPORT LOCAL SHIPPING COMPANIES IN SCRAPPING THEIR OLD TONNAGE - INTERMODAL
 Last week, Beijing has officially extended by two years its subsidy program to support local shipping companies in scrapping their old tonnage in what we hope proves to be a bold move forward to reducing the largest plague of the dry bulk market; overcapacity. Previous measures introduced in 2013 were largely targeted at replacing older tonnage with newer, environment-friendly technologies and the Chinese financial system gave extra incentives through aggressive financial backing to local and international owners. The result is well-known to everyone contributing to a heavy backlog of orders that has sent the freight market spiraling downwards since 2H 2014.
Assuming that the stressed out shipping finance lines do not allow this subsidy to roll-over to new orders, we believe that the joint effect of these actions could be the best news the dry bulk industry has received in months…
Since the beginning of 2015 we have been regularly commenting on the healthy scrap activity experienced in the Capesize sector. However, little progress has been made on smaller sizes and sub-continent scrapyards have shown little appetite for Handies, Handymaxes and even Panamaxes. Looking at the fleet concentration of vintage tonnage (over 15 years of age) one has to recognize two basic facts; Chinese owners are the main Buyer of such vessels and they own a growing percentage of that fleet.
So the impact of the announced measures is that we expect a large number of “overage” vessels controlled by Chinese companies to exit the market and be replaced by the new deliveries that are presently under order.
What does this mean for asset values of such ships in the short-term? Scrap values will go up and sub-continent scrap buyers will have to compete due to reduced supply of tonnage hitting its shores? or second hand values of vessels close to the 15 year mark will fast approach scrap levels (albeit higher ones)? Probably hard to give a definite answer now since all will depend on freight rates development over the next period and of course the net figure of vessels being delivered minus the ones going to demo over the next 3-6 months.
However, one cannot but recognize the largely positive medium-term effect this move would have on Handy, Handymax and Panamax sector and the -admittedly small- net effect upon the Capesize fleet.
p.s. One of the toughest broker’s insights we had yet to write… It is a time for pragmatism and clear, logical thinking to prevail so that Greece and the Eurozone will hand-in-hand overcome the hardships we face today for the common good of all its citizens. We need to find the strength to focus on the things that bring us together rather than the ones that separate us. We sincerely hope the financial crisis that our country is facing will end soon.
By George Dermatis
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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Monday, 20 July 15
CFR SOUTH CHINA COAL SWAPS GAIN WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 1.18 (2.27%) per MT month over month.
A commodity swap ...
Sunday, 19 July 15
BDI GAINED AND CROSSED 1000 MARK THIS WEEK
COALspot.com: The BDI gained and crossed 1000 mark after many months this Friday. The BDI was up almost 20 pct and closed 1048 points on 17 July 20 ...
Saturday, 18 July 15
INTERVIEW : FRANZ ESCALANTE, CHIEF OF INFORMATION SYSTEMS, MINERA CHINALCO, PERU
We are interested in the technology of Autonomous trucks, the new-generation trucks are not remote controlled, they are truly autonomous - Franz Es ...
Friday, 17 July 15
COAL PRODUCTION IN THE U.S. INCREASES SHARPLY FOR THE WEEK ENDING JULY 11
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.4 million short ...
Friday, 17 July 15
INDONESIAN POWER-STATION COAL SWAPS DECLINE CONTINUES THIS PAST WEEK
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and week over week, this past week.
The Q3 swap was declined $ ...
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- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- The University of Queensland
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Australian Coal Association
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Minerals Council of Australia
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
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