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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, 08 December 14
GOVERMENT TO WITHDRAW CNC STATUS OVER SUSPECTED FLAWS - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to review the clean and clear (CnC) status held by ...
Monday, 08 December 14
FOB NEWCASTLE COAL SWAPS SLIP W-O-W AND M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.10 on 5 December after losing US$ 0.55 (-1.04%) month over ...
Sunday, 07 December 14
SUPRAMAX S8 ROUTE SLIGHTLY INCREASED WEEK ON WEEK
COALspot.com: The BDI continued its fall as cape index fell heavily week on week.
The BDI lost around14.83 pct within last five working day an ...
Saturday, 06 December 14
TANKER FLOATING STORAGE PLAYS COULD COME INTO PLAY IF VLCC RATES STAY AT CURRENT LEVEL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Contango: A phenomenon in commodities futures price curves where the delivery price of a futures contract is greater than the current price. With t ...
Saturday, 06 December 14
MUNDRA PORT MAKES HISTORY BY HANDLING THE LARGEST BULK CARRIER TO CALL ON WEST COAST OF INDIA
COALspot.com: Adani Ports & SEZ Ltd, India’s largest port developer and part of Adani Group, yesterday said its Mundra Port successf ...
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- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- PTC India Limited - India
- Star Paper Mills Limited - India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Planning Commission, India
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
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