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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 09 June 14
INDO SUB-BIT COAL SWAPS FOR Q3,Q4 OF 2014 AND Q1 2015: LOST ON DAY AND MONTH
COALspot.com: Indonesian coal swaps for average Q3’ 2014 continue last week’s trend or lost on day, week and on month according to Asia ...
Monday, 09 June 14
API 8 CFR SOUTH CHINA COAL SWAP Q3 14 DELIVERIES LOST 4.61% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 4.61 percent month on month and closed at US$ 71.62 per mt a ...
Sunday, 08 June 14
DRY BULK MARKET RATES FOR PANAMXES TO REMAIN VOLATILE; NO IMPROVEMENTS SEEN OVER THE WEEK
COALspot.com: Cape index increase pushes BDI index to 989 points week on week. The BDI firmed up by 5.88 pct and closed at 989 points week ended 6 ...
Saturday, 07 June 14
EVERYTHING CHANGES, AND NOTHING ABIDES - HERACLITUS
A couple of weeks ago, and while everyone was focusing on the struggling freight market, Russia and China made history by signing a three-decade lo ...
Saturday, 07 June 14
FIRST BITE AT ANTI-CORRUPTION CLAUSE - BIMCO
In recent years a number of countries have introduced anti-corruption legislation which, unfortunately, fails to recognise the practical implicatio ...
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- Orica Mining Services - Indonesia
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- White Energy Company Limited
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- PTC India Limited - India
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
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