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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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Friday, 17 July 15
DO CANCELLATION RIGHTS UNDER VOYAGE CHARTERPARTY SURVIVE RE-NOMINATION OF LOAD PORT? - INCE&CO
KNOWLEDGE TO ELEVATE
Do cancellation rights under voyage charterparty survive re-nomination of load port?
St Shipping & Transport Inc ...
Thursday, 16 July 15
INDONESIA'S HBA HITS ALL-TIME LOW OF $59.16 PER METRIC TON IN JULY 2015
COALspot.com - The Director General of Mineral and Coal of Indonesia revised down Indonesian coal benchmark price once again to US$ 59.16 pe ...
Thursday, 16 July 15
FOB RICHARDS BAY COAL SWAPS DECLINE W-O-W, M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was down US$ ...
Wednesday, 15 July 15
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
The last few weeks have been rather strenuous for Greece and China, each for their own reasons, affecting most markets around the world. In Greece ...
Wednesday, 15 July 15
IRAN OIL RECOVERY TO TAKE YEARS, BUT COULD START IN 2016 - FITCH
Iranian crude oil production is likely to increase in 2016 but will take a number of years to reach its previous peak, Fitch Ratings says.
The ...
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- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- The University of Queensland
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
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