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Wednesday, 30 April 14
FREIGHT MARKET FOR DRY BULKERS STILL REMAINS WEAK - INTERMODAL
 One week after the Easter holiday and the celebration for the resurrection of Christ, everybody expected to see a similar sign of a revival in the market too, or hoped for at least a small positive correction, however, so far, it seems that this is not something that will happen anytime soon.
While the freight market for dry bulkers still remains weak, additional issues are weighing on rates as well; one of them being the recently reported difficulties faced by most of the top Shandong Soybean importers to obtain L/Cs from the banks, which drove them to cancel a number of contracts. It is also worth mentioning that, together with them, other private coal traders based in Guangdong seem to be facing similar difficulties in concluding import contracts as well.
The poor freight market has also been quickly affecting the activity in the SnP market, as compared to the last months we see less and less Buyers interested in acquiring second hand tonnage. At the same time, the few Buyers that are still inspecting are offering well below the levels of the last done sales. As a result, they either push Sellers to withdraw their ships from the market altogether or invite interested parties to a second round of inspections at a later port call, hopping to gain some time before the market starts improving again.
A good example of the above, is a Japanese controlled 2002 Imabari built Panamax vessel, which was on the market for sale, however rumours are saying that only two parties proceeded with an inspection and that the figures they offered were not even close to Sellers ideas, so Owners decided to keep her on the market and invite a second round of inspections. A similar case is that of a 2002 built Handymax , which was reported sold last week; however we understand that the vessel still remains free and Owners are once again inviting inspections at the next port call.
A similar case of downward pointing prices is also being witnessed in the resale market, where Owners, who had contracted their ships sometime during the beginning of 2013 at fairly low levels (compared to recent deals), tried to get advantage from the firming prices of the last months by selling their tonnage. As a result we witnessed an overwhelming amount of resale tonnage in the market, even by top quality shipyards, which caused an inevitable oversupply especially as Buyers started to step back from further purchases.
In the new building market we are seeing some slots opening, as it seems that certain Buyers didn't exercise their options, but these are only a few, especially for reputable shipyards, and new building prices currently appear fairly shielded by the bad performance of the market at this stage.
Unfortunately for Sellers, today’s market is not very promising and it seems that, if they do remain Sellers, they will have to compromise and drop their ideas, so that the sale price conforms to the current freight environment. On the other hand, if you are a Buyer today, this could possibly be the correction you have been waiting for to help you get back in the game before another round of firming second hand prices washes over the market 2013 style…
Analysts:
Mr. George Lazaridis | g.lazaridis@intermodal.gr
Ms. Eva Tzima | e.tzima@intermodal.gr
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, 04 July 14
US: WEEKLY COAL PRODUCTION SLIGHTLY UP W-O-W
COALspot.com – United States the world's second largest coal producer, produced approximately 19.4 million short tons (mmst) of coa ...
Friday, 04 July 14
PARAM MITRA COAL RESOURCES SECURES US$ 7.5M INVESTMENT FROM TEMBUSU PARTNERS
Param Mitra Coal Resources Pte Ltd (“PMCR”), which owns two operating coal mines in Indonesia, has secured from Singapore private equit ...
Thursday, 03 July 14
BUMI TRANSFERS 19% OF KPC STAKE VALUED AT US$ 950 MILLION TO CIC
COALspot.com: PT. Bumi Resources announces that 19% of its holdings in Kaltim Prima Coal (KPC), valued at US$ 950 million, has been transferred to ...
Thursday, 03 July 14
PANAMAX : IN THE ATLANTIC, OWNERS ARE WILLING TO FIX AT ABOUT $2.5K PER DAY - FEARNEYS
Handy
In its latest weekly report, shipbroker Fearneys noted that, this week seems to have been more of a wait and see game between owners and ch ...
Wednesday, 02 July 14
NEWMONT FILES FOR INTERNATIONAL ARBITRATION ON ORE EXPORT BAN - THE JAKARTA POST
PT Newmont Nusa Tenggara (NNT), a subsidiary of United States-based Newmont Corporation, has filed for international arbitration against the govern ...
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- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Minerals Council of Australia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- The University of Queensland
- The Treasury - Australian Government
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
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