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