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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, 12 May 14
TAIPOWER TO IMPORT AROUND 1 MMT OF SUB-BITUMINOUS COAL DURING AUGUST 2014 THROUGH NOVEMBER 2014
COALspot.com - Taiwan Power Company intends to procure 1.050 million tons of sub-bituminous coal for Taipower thermal power plant through open t ...
Monday, 12 May 14
DRY BULK MARKET IS STILL STRUGGLING TO FIND FIRM FOOTING
COALspot.com: The freight market continued to be weak and the BDI closed slightly lower at 997 points or fell 1.96 pct week on week. The cape in ...
Friday, 09 May 14
RBCT SHIPPED 5.4 MMT OF COAL IN APRIL
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest coal export terminal in the world, shipped 5.45 million to ...
Friday, 09 May 14
DRY BULK MARKET: BANKRUPTCY TONNAGE UNLEASHED
Drewry’s latest Dry Bulk Forecaster saw freight rates on most routes declined in 2014’s first quarter as the previous quarter’ ...
Friday, 09 May 14
UNITED STATES COAL PRODUCTION SLIGHTLY SLIDES TO 82.4 MMST IN APRIL
COALspot.com – United States the world's second largest coal producer, produced approximately 18.8 million short tons (mmst) of coal i ...
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- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Australian Coal Association
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
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