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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, 13 January 15
MORE PITFALLS FOR OWNERS LOOKING TO TERMINATE FOR UNPAID HIRE - INCE & CO
KNOWLEDGE TO ELEVATE
It is a debatable point whether or not the obligation to pay hire under a time charter is a condition of the contract or ...
Tuesday, 13 January 15
Q2 CFR SOUTH CHINA COAL SWAP DECLINED 8.66% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined by US$ 3.48 (-5.73%) month over month and US$ 2.35 (-3.94%) week ...
Tuesday, 13 January 15
Q1' 2015 RICHARDS BAY COAL SWAP SLIGHTLY HIGHER THAN Q2 & Q4 2015 SWAPS
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 7.21 ...
Monday, 12 January 15
COAL: LOW PRICES ARE EXPECTED TO DRIVE A SUPPLY-DRIVEN RECOVERY IN THE MEDIUM TERM - SGX
COALspot.com: Thermal coal prices dropped to six-year lows in 2014 driven by persistent oversupply, SGX says in its “ Commodities 2014 - A ye ...
Monday, 12 January 15
FREIGHT MARKET: 2015 FLEET SUPPLY GROWTH IS EXPECTED TO REMAIN SLIGHTLY AHEAD OF CARGO GROWTH - SGX
COALspot.com: The dry bulk freight market was forced to digest a number of negatives in 2014 leading the Baltic Dry Index to fall 66% through the y ...
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- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Parliament of New Zealand
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- White Energy Company Limited
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- The University of Queensland
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Mercator Lines Limited - India
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