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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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Tuesday, 07 July 15
FOB NEWCASTLE COAL SWAP ADVANCED MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.28 per MT (-0.61%) month over month to US$ 45.85 per mt. The swap wa ...
Monday, 06 July 15
KOREA MIDLAND POWER COMPANY LIMITED ISSUED A TENDER FOR 250K MT BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 250K Metric Tons (MT) of 5300 kcal/kg NAR coal ...
Monday, 06 July 15
COAL TRADING & RISK MANAGEMENT TRAINING COURSE
Are you ready to invest in yourself and take your trading and risk management strategy to the next level? The Coal Trading & Risk Management Tr ...
Monday, 06 July 15
CFR SOUTH CHINA COAL SWAP; DECLINED D-O-D,W-O-W AND M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.53 (1.01%) per MT month over month.
A commodity swap ...
Sunday, 05 July 15
THE BALTIC DRY INDEX WAS DOWN 18%; PANAMAX UP 9%
COALspot.com: The freight market was soft during this week. However indices closed slightly firmer end of the week on 3rd July.
The BDI was do ...
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- Economic Council, Georgia
- ICICI Bank Limited - India
- Australian Coal Association
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
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