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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, 26 June 15
COAL PRODUCTION IN THE U.S ROSE 6.0% WEEK OVER WEEK, SAYS EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.3 million short ...
Thursday, 25 June 15
THE PORT OF NEWCASTLE SHIPPED 13.31% MORE COAL IN MAY 2015 COMPARED TO APRIL 2015
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.18 billio ...
Thursday, 25 June 15
CAPESIZE: PERIOD INTEREST REMAINED STRONG FOR A SECOND WEEK - INTERMODAL
COALspot.com: Following those depressive last six months, the BDI closed off on last Friday noting a substantial weekly increase, which pushed the ...
Wednesday, 24 June 15
PANAMAXES: THE OUTLOOK REMAINS NEGATIVE AS DEMAND FOR COAL IS DIMINISHING - YANNIS OLZIERSKY
As we get closer to the end of June, we can safely say that the 1st half of the year is leaving the dry bulk market with a bitter taste that we all ...
Tuesday, 23 June 15
Q3 FOB INDONESIA COAL SWAP FALL $1.12 IN ONE MONTH
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and week over week, this past week.
The Q3 swap was declined $ ...
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- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
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