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