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