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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, 30 June 15
Q1'16 FOB INDONESIA COAL SWAP CLOSED $ 43.45 PER MT
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and flat week over week, this past week.
The Q3 swap was decli ...
Monday, 29 June 15
CFR SOUTH CHINA COAL SWAPS UP SLIGHTLY MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 0.57 (1.11%) per MT month over month.
A commodity swap is a ...
Monday, 29 June 15
FOB NEWCASTLE COAL SWAP SLIGHTLY UP MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.49 per MT (1.08%) month over month to US$ 45.77 per mt. The swap was ...
Saturday, 27 June 15
THE FREIGHT MARKET WAS STEADY EARLIER IN THE WEEK; SOFTEN INTO WEEK'S END
COALspot.com: The freight market remain steady earlier in the week, but towards end of the week BDI and BCI shows some signs of softening.
The ...
Friday, 26 June 15
INDONESIA COAL PRODUCTION FALLS BETWEEN JAN-MAY : JG
The Ministry of Energy and Mineral Resources announced that coal production declined to 166 million tons between January and May, a 19 percent drop ...
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- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- GMR Energy Limited - India
- The University of Queensland
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
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