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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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Wednesday, 17 June 15
PANAMAX RATE AVERAGED $22.82 PMT IN THE FIRST 10 DAYS OF JUNE FOR THE GRAIN ROUTE FROM SANTOS, BRAZIL, TO QINGDAO, CHINA - INTERMODAL
This year, Brazil will be exporting a record 96 million tons of soybean crop and starting in August the country will begin shipping a second corn c ...
Tuesday, 16 June 15
MERS: POTENTIAL CHARTERPARTY IMPLICATIONS - CLYDE & CO
KNOWLEDGE TO ELEVATE
South Korea's current outbreak of Middle East Respiratory Syndrome (MERS) has been the focus of much international at ...
Tuesday, 16 June 15
Q3 FOB INDONESIA COAL SWAP PRICE DOWN 50 CENTS OVER PAST WEEK
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains month on month but declined week over week, this past week.
The Q3 swap was clim ...
Tuesday, 16 June 15
FOB RICHARDS BAY COAL SWAPS: PRICES MOVED UP ON THE WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and week over week.
The Q3 swap was up US$ 1.70 ...
Monday, 15 June 15
API 5 FOB NEWCASTLE COAL SWAP: Q1'16 DELIVERY CLOSED 1.14% LOWER THAN Q4'15 DELIVERY PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 1.10 per MT (2.47%) month over month to US$ 45.67 per mt. The swap ...
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- Aditya Birla Group - India
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Planning Commission, India
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
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