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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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Wednesday, 21 May 14
SHIPPING: MARKET INSIGHT - GEORGE LAZARIDIS
The recent revision by the OECD of its global growth forecast has sparked a debate as to the potential outcome these new figures will have on seabo ...
Tuesday, 20 May 14
NEWCASTLE'S COAL EXPORT VOLUME UP 39.11 PERCENT WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 19 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, ...
Tuesday, 20 May 14
DRY BULK MARKET TO IMPROVE OVER THE COURSE OF 2014, BUT OVERSUPPLY STILL AN ISSUE SAYS BIMCO'S CHIEF SHIPPING ANALYST
As a gruelling first quarter edges closer to the end, dry bulk ship owners are looking at an improved second quarter demand, which, coupled with sl ...
Tuesday, 20 May 14
DRY BULK MARKET IS BOUND FOR A RECOVERY CLAIMS PARAGON SHIPPING'S HEAD MICHAEL BODOUROGLOU
The dry bulk market is bound for a recovery in the coming weeks, as the market will be better balanced, said Mr. Michael Bodouroglou, Chairman and ...
Monday, 19 May 14
INDO COAL SWAPS FOR AVERAGE Q3' 2014 DELIVERY LOST ON WEEK AND ON MONTH
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on week and on month according to AsiaClear OTC coal swap's reports release ...
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- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
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