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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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Friday, 05 December 14
CHINESE SPECIAL STEEL MAKERS' RISK PROFILES MORE RESILIENT - FITCH
Fitch Ratings says the risk profiles of Chinese makers of special steel, especially high-end products, are more like those of manufacturers and mor ...
Friday, 05 December 14
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED AROUND 905 MMST - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19 million short tons (mmst) of coal i ...
Thursday, 04 December 14
CAPE MARKET IS DEVELOPING FROM BAD TO WORSE
Handy
The Atlantic market has been pretty stable and balanced this week, Fearnleys AS says in its latest weekly report.
The broker furt ...
Thursday, 04 December 14
DRY BULK MARKET; ANOTHER DISAPPOINTING WEEK
COALspot.com: For those who have been hoping to see alignment of freight direction across the Dry Bulk market, this must have been another disappoi ...
Wednesday, 03 December 14
PROGRESSING SMELTER PROJECTS IN INDONESIA
Press Release: Indonesia’s ban on ‘raw mineral export’ that was designed to encouraging downstream investment in mineral processi ...
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- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
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