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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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- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- PTC India Limited - India
- Planning Commission, India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
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