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