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