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