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