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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, 26 February 15
DRY BULK MARKET LOOKING FOR POSITIVE MOMENTUM, BUT PROSPECTS REMAIN DIM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the Baltic Dry Index (BDI) inched a bit higher over the past couple of sessions and the Chinese are returning to the market after a week long hi ...
Wednesday, 25 February 15
PORT OF NEWCASTLE SHIPPED 13.16MT OF COAL IN JANUARY; DECLINED 16.70% FROM A MONTH AGO
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.15 billio ...
Wednesday, 25 February 15
BDI SLIPPING ONCE MORE TO FRESH HISTORICAL LOWS
COALspot.com: With the BDI slipping once more to fresh historical lows and the Chinese holidays underway, signs for a positive reversal in the Dry ...
Tuesday, 24 February 15
FOB INDONESIA COAL SWAP SET TO RALLY
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap increased US$ 3.30 (+7.30%) ...
Tuesday, 24 February 15
Q3' FOB RICHARDS BAY COAL SWAP CLOSED $59.80 W/E 20 FEB
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and decline week on week.
The Q2 swap has soar ...
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- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Australian Coal Association
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
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