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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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Thursday, 09 July 15
CPP MARKET : POSITIVE IN THE SHORT TERM - GEORGE VASTARDIS
Despite the traditionally quieter summer period, the clean tanker market has so far experienced healthy activity especially East of Suez. Increased ...
Thursday, 09 July 15
LACK OF FRESH BUSINESS IN THE PACIFIC LEFT CAPESIZE RATES MOVING SIDEWAYS - INTERMODAL
COALspot.com: Intermodal ship broker says in its weekly report that, a different picture from what we saw the previous week was painted during the ...
Wednesday, 08 July 15
RIO TINTO'S MODERNISED KITIMAT SMELTER BEGINS PRODUCTION; KITIMAT BECOMING ONE OF THE LOWEST COST SMELTERS IN THE WORLD
COALspot.com: Rio Tinto is preparing its first shipments of metal from its world-class Kitimat aluminium smelter in Canada following an extensive m ...
Wednesday, 08 July 15
Q3'15 INDONESIA COAL SWAP DECLINED 3.14% MONTH OVER MONTH
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 $ ...
Tuesday, 07 July 15
FOB RICHARDS BAY COAL SWAPS DECLINED WEEK OVER WEEK
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$ ...
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- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- The University of Queensland
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Economic Council, Georgia
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
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