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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, 24 November 14
CHOPPY WATERS IN DRY BULK - SGX
COALspot.com: Dry bulk freight rates have experienced a sharp rise in volatility in recent weeks as bulk commodity supply has ramped up, said SGX i ...
Monday, 24 November 14
Q1 2015 FOB NEWCASTLE COAL SWAP CLOSED AT $ 52.73
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.73 on 21 November after losing US$ 0.40 (-0.75%) month ove ...
Monday, 24 November 14
CFR SOUTH CHINA COAL: Q2' 15 COAL SWAPS CLOSED LOWER COMPARED TO Q1' 15 SWAPS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 0.63 (-0.99%) month over month and US$ 0.12 (-0.19%) da ...
Sunday, 23 November 14
SPOT FREIGHT RATES IMPROVED SLIGHTLY OVER PREVIOUS WEEK
COALspot.com: The BDI was up 5.41 pct week on week and closed at 1,324 points on Friday. All the segments were up this week except Panamax index.&n ...
Sunday, 23 November 14
ITALY'S STEAM COAL IMPORTS TO DROP BY 11% IN 2014 - ASSOCARBONI
COALspot.com: Italy’s steam coal imports expected to drop to 16 million tons in 2014 (-11% compared to 2013); coking coal imports to plunge t ...
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- Ministry of Finance - Indonesia
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- OPG Power Generation Pvt Ltd - India
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- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
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- Heidelberg Cement - Germany
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- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
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- Metalloyd Limited - United Kingdom
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- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- McConnell Dowell - Australia
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- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
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- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
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- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
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- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
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- Commonwealth Bank - Australia
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- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
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- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
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- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
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- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
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- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
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- Videocon Industries ltd - India
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- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
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- Jorong Barutama Greston.PT - Indonesia
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- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Miang Besar Coal Terminal - Indonesia
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- Indian Energy Exchange, India
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- Coal and Oil Company - UAE
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- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
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