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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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- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- The Treasury - Australian Government
- White Energy Company Limited
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
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