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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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Friday, 03 July 15
U.S DELIVERS WEAK FIRST HALF COAL PRODUCTION; 8.8% LOWER Y-O-Y
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.5 million short ...
Friday, 03 July 15
SHIPPING CONFIDENCE EQUALS SEVEN-YEAR LOW - MOORE STEPHENS
Overall confidence levels in the shipping industry fell during the three months to May 2015 to a level equal to the lowest rating recorded in the p ...
Thursday, 02 July 15
TECHNOLOGY AND INNOVATION IN MINING 2015 - IXG
Information Exchange Group’s Technology and Innovation in Mining 2015- International Summit on Mining
Press Release: The inaugural editi ...
Thursday, 02 July 15
THE PERFORMANCE OF THE CAPESIZE SEGMENT PUSHED DRY BULK MARKET TO UPWARD LAST WEEK
COALspot.com: The Dry Bulk market continued its upward movement last week, with the BDI closing off on Friday (26 June) in excess of 800 points, wh ...
Wednesday, 01 July 15
Q4'15 AND Q1'16 FOB RICHARDS BAY COAL SWAPS ROSE W-O-W AND M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and down week over week.
The Q3 swap was up US$ ...
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- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- CNBM International Corporation - China
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
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