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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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Monday, 05 January 15
CFR SOUTH CHINA COAL SWAPS GAINED WEEK OVER WEEK, SGX DATA SHOWS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 2.50 (-4.02%) month over month and gained US$ 0.20 ( ...
Monday, 05 January 15
FIVE ENERGY SURPRISES FOR 2015: THE POSSIBLE AND THE IMPROBABLE - KURT COBB
The coming year is likely to be as full of surprises in the field of energy as 2014 was. We just don't know which surprises! I am not predictin ...
Monday, 05 January 15
THE SHIPPING MARKET IN 2014 AND LOOKING FORWARD - BIMCO
2014 started with plenty of optimism for a considerably better global economy and an improved shipping market. Things turned out somewhat different ...
Monday, 05 January 15
API 5 FOB NEWCASTLE COAL SWAP FOR Q1'15 DELIVERY CLOSED US$ 0.45 HIGHER COMPARED TO Q2'15 CLOSING
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 0.60 per MT (-1.15%) month over month and gained US$ 0.02 (+0.04%) ...
Sunday, 04 January 15
BALTIC DRY INDEX CONTINUES ITS DECLINE IN 2015
Wish you all a very Happy New Year 2015. The last report was dated 19th Dec 2014 and due to Christmas and new year holidays no reports were publish ...
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- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
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- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- The University of Queensland
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
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