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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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Thursday, 15 May 14
USA COAL CONFERENCE
Press Release: IHS Inc. (NYSE: IHS), the leading global source of information and analysis, will host the Coal USA Conference, June 18-20, 2014, ...
Wednesday, 14 May 14
COAL PRICES IN CHINA HAVE DROPPED TO THEIR LOWEST LEVELS SINCE END-2008
COALspot.com: Coal prices in China have dropped to their lowest levels since end-2008, Fitch says in its latest rating report on one of the coal ...
Wednesday, 14 May 14
ALMOST THROUGH THE HALF OF THE YEAR, THE DRY BULK INDEX SHOW SIGNS OF WEAKNESS; CREATING TO BOTH EXISTING SHIP OWNERS AND POTENTIAL INVESTORS A LOT OF INSECURITY - PANOS MAKRINOS
Almost through the half of the year, the overall shipping market and more specifically the Dry Bulk Index show signs of weakness, creating to bo ...
Tuesday, 13 May 14
NPC COAL EXPORT VOLUMES PLUNGE TO 2.48 MMT WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 12 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Quee ...
Tuesday, 13 May 14
YET ANOTHER POSIDONIA EXHIBITION IS ON ITS WAY - INTERMODAL
With less than a month to go before another Posidonia exhibition starts and all the parties and celebrations get under way we thought that it wo ...
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- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- MS Steel International - UAE
- Independent Power Producers Association of India
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Planning Commission, India
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