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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 February 15
ULTRAMAX LEVELS FROM INDIA TO CHINA IN THE MID US$ 5000'S - FEARNLEYS AS
Handy
Despite the overall weak sentiment, there is a scent of optimism in the Atlantic market for ppt dates. Continent is still struggling with o ...
Wednesday, 04 February 15
MARKET INSIGHT - LINOS KOGEVINAS
It has been just about over 2 months since, in a move that surprised many and caused widespread apprehension, OPEC decided to maintain its producti ...
Tuesday, 03 February 15
Q1'15 FOB INDONESIA COAL SWAP CLOSED $ 3.29 HIGHER COMPARED TO Q4'15 DELIVERY PRICE
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 rose week over week and month on month.
The Q1 swap up US$ 0.68 (+1.41%) month o ...
Tuesday, 03 February 15
FOB NEWCASTLE COAL SWAP FOR Q4 DELIVERY CLOSED 5.86% LOWER THAN Q1 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery rose US$ 0.26 per MT (+0.51%) week over week and declined US$ 0.02 (-0.04%) ...
Monday, 02 February 15
API 4 FOB RICHARDS BAY COAL SWAP ROSE WEEK OVER WEEK
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and day on day.
The Q1 swap has decli ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- The University of Queensland
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Parliament of New Zealand
- Mercator Lines Limited - India
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