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