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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, 08 May 14
'TRIAL BY MEDIA, TRIAL BY LAW' - A REPORT FROM TRACK 1 OF BIMCO'S ANNUAL CONFERENCE DUBAI 2014
KNOWLEDGE TO ELEVATE
Aiming to bring a very different type of event into their annual conference, BIMCO presented ‘Double Jeopardy &n ...
Thursday, 08 May 14
INDONESIAN COAL PRICE REFERENCE IN MAY CRASHES THROUGH $74
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised down again the coal bench mark price by US$ 1.21 / MT to ...
Wednesday, 07 May 14
THE DRY BULK MARKET HAS NOTED ANOTHER WEEKLY POSITIVE GAIN
Chartering (Wet: Softer- / Dry: Stable+)
The Dry Bulk market has noted another weekly positive gain, driven by the Capesize segment, but we ne ...
Wednesday, 07 May 14
SGX ENHANCES ITS COMMODITIES PRODUCT OFFERING
COALspot.com: SGX is building up its bulk commodity product offerings with 9 more derivative contracts over the next 2 months, subject to regula ...
Tuesday, 06 May 14
NEWCASTLE COAL EXPORT SLIPS 7.92% WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 5 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland ...
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- The Treasury - Australian Government
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- The University of Queensland
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
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