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