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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, 29 December 14
SGX'S FOB NEWCASTLE COAL SWAPS IMPROVED W-O-W, LOST M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.44 per MT (-2.73%) month over month and gained US$ 0.36 (+0.71%) ...
Friday, 26 December 14
SHIPS FACE LOWER SULPHUR FUEL REQUIREMENTS IN EMISSION CONTROL AREAS FROM 1 JANUARY 2015 - IMO
Ships trading in designated emission control areas will have to use on board fuel oil with a sulphur content of no more than 0.10% from 1 January 2 ...
Wednesday, 24 December 14
CAPE DEMAND WAS STILL EXTREMELY SOFT THIS PAST WEEK ACROSS BOTH BASINS - INTERMODAL
COALspot.com: The performance of the Dry Bulk market, which found itself in desperate search of support for yet another week, has left very little ...
Wednesday, 24 December 14
MARKET INSIGHT - JOHN N. COTZIAS, INTERMODAL SNP BROKER
The year is coming to an end, and we should be able to assess if this was a good year, a bad year, or even a lousy one? The answer clearly de ...
Tuesday, 23 December 14
Q1'15 FOB INDONESIA COAL SWAP GAINED 48 CENTS IN ONE WEEK
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and gained week over week and day on day.
The Q1 swap has lo ...
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- Sojitz Corporation - Japan
- MS Steel International - UAE
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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