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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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Monday, 15 June 15
CFR SOUTH CHINA COAL SWAP: ROSE M-O-M; DECLINED W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 1.43 (2.82%) per MT month over month.
A commodity swap is a ...
Sunday, 14 June 15
THE FREIGHT MARKET FINISHED THE WEEK UP COMPARED TO LAST WEEK
COALspot.com: The freight market finished the week up compared to last week. All the segments except for Cape index were up. Cape segment was ...
Friday, 12 June 15
EXPECTATIONS IN REGARDS TO THE SUMMER SEASON VARY ACROSS THE MARKET - INTERMODAL
The Dry Bulk market closed off last slightly up last week, with the BDI re-gaining the 600 points level, while the driving force behind the increas ...
Friday, 12 June 15
U.S. PRODUCED 15.1 MMST OF COAL THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.1 million short ...
Thursday, 11 June 15
IS COAL INDUSTRY GOING TO HIT A BRICK WALL?
COALspot.com - The Director General of Mineral and Coal of Indonesia revised down Indonesian coal benchmark price once again to US$ 59.59 per MT fo ...
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- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Australian Coal Association
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
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