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