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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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Friday, 19 December 14
HOW WILL LOWER BUNKER PRICES AFFECT THE SUBSTANTIAL OVERCAPACITY IN DRY BULK MARKET? - BIMCO
As bunker fuel costs have come down from USD 600 per tonnes to USD 330 per tonnes in the past 6 months, much talk about increased ship speed have s ...
Friday, 19 December 14
U.S WEEKLY COAL PRODUCTION REACHED APPROXIMATELY 19.8 MMST; UP 1.0% WOW
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Friday, 19 December 14
HANDY: SOFTER TONE; PANAMAX: QUIET WEEK; CAPESIZE; PAINFUL WEEK
Handy
A softer tone for rates and volumes for the Supras, perhaps less apparent in the Pacific the last week before the season holidays and good ...
Thursday, 18 December 14
INDONESIA TO REVISE UP COAL OUTPUT TARGET TO 460 MILLION TONS IN 2015
COALspot.com: Indonesian government has revised up its next year coal output forecast to 460 million tons from its previous forecast of 421 million ...
Wednesday, 17 December 14
CAPES RATES SLIPPED BELOW $5,600/DAY, FELL 84% YOY
COALspot.com: In the very rare occurrence when the BCI stands below the BDI, words to describe market sentiment are probably poor, said Intermodal ...
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- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- The University of Queensland
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Planning Commission, India
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
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