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Wednesday, 17 December 14
MARKET INSIGHT - INTERMODAL SHANGHAI, SNP TEAM
 As the end of the fourth quarter is approaching, we are all witness to the second hand market prices softening day by day. Any new deal surfacing the market is at significantly lower level compared to the previous last done. In this respect, some Owners are accepting these new discounted levels, ac-cepting the new asset level reality, whereas others prefer to withdraw their ships or chose to wait, hoping to find more eager Buyers who can pay their aiming levels.
For the modern dry bulker tonnages, Owners are still holding back and are insisting on asking prices, which in some cases are more in sync with the levels of the market six months ago. Most of them, however, are trying to fix the ships in small period contracts that will help them sit through the bad market in the next few months, hoping that by the end of the contracts they will face a better market. Some unrealistically priced sale candidates, which still remain in the market, have created a small increase in the supply of tonnage for sale which does not help the more serious Sellers to get a good or at least a decent price for their vessels.
Demolition prices are softening every week and the period of time where the prices were around 480-500 usd/ldt for bulkers is well behind us. Today, we can see Owners receiving figures at around 420-430 usd/ldt basis deliv-ery in Bangladesh or West coast of India. Many people in this industry are pessimistic and they don’t expect any increase in demo prices in the near future, with some expecting average demo bids to fall below the 400 usd/ldt mark sooner rather than later. The iron ore and steel price remain on a downward slope, while the continuous imports of cheap Chinese scrap steel is still the main hurdle faced by demo breakers in the Indian subcontinent.
The softening of the demo market, has had a big impact on the selling prices of the early/mid 90s built dry bulk carriers since their value calculation is usually based on the demo price plus a premium. This is most notable on Panamax and Handymax dry bulk tonnage, which have lost significant value during the past months and all this doesn’t seem to be changing soon, as the vessels on the market are too many and the majority of the Buyers are based in China, who is well accustomed in being patient in order to get something cheap.
Chinese Buyers already seem to be attracted by the present lows of the mar-ket and there is definitely some warming up of activity here. However, as everybody has a feeling that prices will most probably keep dropping, as a result of the continuously softening demo prices, most potential Buyers chose to wait a little further before they invest in second-hand tonnage. The logic behind this is that instead of acquiring now a low-mid 90’s blt ship, there might be an opportunity in the very near future to purchase, at a simi-lar value, a late 90’s blt tonnage.
Hopefully, these bad market conditions will come to an end soon. If this situation persists for long enough though, everybody involved in the indus-try will start facing problems. On the other hand, this hasn’t had a significant effect on Tanker Owners who are trading in a significantly improved freight market, ever since oil prices dropped and demand of oil increased. But whether this perfect storm will continue to favor the tanker market is the million dollar question here.
By Intermodal Shanghai office, SnP Team
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
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, 05 March 15
INDIA WILL BE THE LARGEST DRIVER OF GLOBAL SEABORNE COKING COAL DEMAND GROWTH IN 2015 - WOOD MACKENZIE
Global demand growth will remain weak because of China’s negative demand growth.
COALspot.com: At Coaltrans India, Wood Mackenzie says I ...
Thursday, 05 March 15
BUKIT ASAM BOOKED US$ 1 BILLION REVENUE IN 2014
COALspot.com: Indonesian publicly listed and state owned coal miner PT. Bukit Asam, has announced that, the revenue of the company for the period J ...
Wednesday, 04 March 15
AN AGENDA FOR CHANGE - FITCH INDONESIA CONFERENCE
Fitch Indonesia Conference - 5 March 2015
Fitch Ratings will host its annual Indonesia conference on 5 March 2015.
The theme of this year ...
Wednesday, 04 March 15
KEEP CALM AND INVEST IN DRY - THEODORE NTALAKOS
Keep Calm and Carry On was originally a motivational poster, intended to raise the morale of the British public, produced by the British government ...
Tuesday, 03 March 15
INDONESIAN COAL EXPORT VOLUME TO DECLINE 50% BY 2019
COALspot.com: The Indonesian government is planning to reduce coal export volume by 50% within the next five years while keeping its coal productio ...
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- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- White Energy Company Limited
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- CNBM International Corporation - China
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- PTC India Limited - India
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Coal and Oil Company - UAE
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