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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, 13 July 15
THE DRY BULK MARKET CLOSED ON A POSITIVE TONE THIS PAST WEEK
COALspot.com: Despite Greece crisis and turmoil in the stock market across the world , the freight market overall was firm and up in all segments t ...
Sunday, 12 July 15
SHIPYARD NOT LIABLE FOR ENGINE ROOM FIRE CAUSED BY OIL LEAKAGE - BIRCH WINDAHL
KNOWLEDGE TO ELEVATE
A Danish vessel owner requested a Danish shipyard to undertake repairs and maintenance works on its vessel. An agreement ...
Saturday, 11 July 15
MAJOR IRANIAN GAS EXPORTS WILL TAKE AT LEAST FIVE YEARS - FITCH
Iran has the long-term potential to become one of the world's top gas producers, thanks to its 34 trillion cubic meters (tcm) of natural gas re ...
Friday, 10 July 15
DRY BULK MARKET KEEPS POSITIVE MOMENTUM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its positive momentum over the course of the past few days, thanks to Panamax gains. During yesterday’s session ...
Friday, 10 July 15
U.S PRODUCED APPROXIMATELY TOTALED AN ESTIMATED 14.1 MMST WEEK OVER WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 14.1 million short ...
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- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- The University of Queensland
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Minerals Council of Australia
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
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