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