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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.
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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Tuesday, 20 January 15
INDIA TO SURPASS THE UNITED STATES AND BECOME THE SECOND-LARGEST COAL CONSUMER IN THE WORLD BY 2019 - IMF
COALspot.com: In 2013, coal added more primary energy than any other fuel and was the fastest-growing fossil fuel, enhancing its position as the se ...
Tuesday, 20 January 15
INDONESIAN COAL OUTPUT SEEN RISING, DESPITE FALL IN ITS PRICE
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week, but Indonesian Coal Output Seen Rising. T ...
Tuesday, 20 January 15
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY DECLINED 2.83% M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery declined US$ 1.45 per MT (-2.83%) month over month and US$ 0.50 (-0.99%) we ...
Monday, 19 January 15
HBA FALL TO FRESH LOWS; COAL OVERSUPPLY WILL CONTINUE TO PUSH PRICE DOWN
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 63.84. T ...
Monday, 19 January 15
CFR SOUTH CHINA COAL SWAPS REMAIN WEAK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 3.37 (-5.63%) per MT month over month and US$ 0.74 (-1.29%) ...
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- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
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