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