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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, 15 December 14
CFR SOUTH CHINA COAL SWAP LOST $3.37 M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3,37 (-5.33%) month over month and US$ 1.58 (-2.57%) ...
Monday, 15 December 14
Q1' 15 FOB NEWCASTLE COAL SWAP CLOSED AT $ 51.45 ON 12 DEC
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.45 per MT (-2.74%) closed at US$ 51.45 on 12 December month over ...
Sunday, 14 December 14
FREIGHT RATES ARE EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The Baltic Dry Index (BDI), a measure of commodity-shipping costs, fell 12.12 pct to 863 points week ending 12 December 2014.
Th ...
Friday, 12 December 14
LIMITED TRADING AND AN OVERSUPPLY OF TONNAGE PUSHED HANDY SIZE SHIPS TO DOWN IN USG
Handy
We have seen the TA spot market come down this week lead by limited trading and an oversupply of tonnage in the USG, Fearnleys said in its ...
Friday, 12 December 14
U.S WEEKLY COAL PRODUCTION UP 3.4% W/E DECEMBER 6
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.6 million short tons (mmst) of coal ...
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- London Commodity Brokers - England
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Planning Commission, India
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- VISA Power Limited - India
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- The University of Queensland
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
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