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