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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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Wednesday, 26 November 14
SHIPPING MARKET INSIGHT - EVA TZIMA
The tanker market has been enjoying some good returns lately. Ok, that may be a big understatement, but with all the ups and downs of the past year ...
Tuesday, 25 November 14
FISCAL BREAKEVEN OIL PRICES SHOW SOVEREIGN VULNERABILITY - FITCH
COALspot.com: The vulnerability of the sovereign credit profiles of net oil exporters, as shown by their fiscal breakeven oil prices, suggests that ...
Tuesday, 25 November 14
UK: TRIBUNAL RULES ON SPEED AND PERFORMANCE CLAIMS UNDER TWO CONSECUTIVE TIME CHARTERPARTIES - REED SMITH
KNOWLEDGE TO ELEVATE
“Owners not to be responsible if the vessel under the currency of this charter party stays at port or anchorage or ...
Tuesday, 25 November 14
FOB RICHARDS BAY COAL SWAP FOR Q4' 15 DELIVERY CLOSED AT US$ 68.20
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 gained month on month, week on week and day over day.
The Q1 swap has gain ...
Tuesday, 25 November 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT $ 49.55
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week.
The Q1 swap has lost US$ 0.12 (-0.24%) ...
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- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- The University of Queensland
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- White Energy Company Limited
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
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