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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, 19 June 15
U.S. WEEKLY COAL PRODUCTION UP SLIGHTLY COMPARED TO LAST WEEK; CONTINUES TO BE DOWN FROM LAST YEAR
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.4 million short ...
Friday, 19 June 15
INDONESIA'S COAL-TRAFFICKING PROBLEM REQUIRES IMPARTIAL INQUIRY - JAKARTA GLOBE
Indonesia, the leading supplier to the seaborne thermal coal market, produces 420 million tons of coal per year, according to its official tally.
...
Thursday, 18 June 15
DRY BULK SHIPPING: LOWEST FLEET GROWTH IN 10 YEARS MAY NOT PROVE ENOUGH AS DEMAND IS NOT KEEPING PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The demand side of things in the dry bulk market seems unable to keep pace with even the slightest fleet growth, a sign of the demise that the indu ...
Thursday, 18 June 15
THE FAR EAST HANDYSIZE, HANDYMAX, SUPRAMAX MARKET REMAINED STEADY LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market closed off on Friday (last week) noting small gains on the back of stronger performance in the Panamax segment, w ...
Thursday, 18 June 15
MERCATOR'S KAMSARMAX FIXED WITH CLEARLAKE
COALspot.com: Mercator Lines (Singapore) Limited, a leading Indian-owned international dry bulk shipping company focused on markets such as India, ...
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- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
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