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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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Tuesday, 18 November 14
VALEMAX DEAL TO DETERMINE DRY BULK MARKET'S FATE - DREWRY MARITIME RESEARCH
Vale’s accord to sell and lease four Valemax vessels to COSCO might have negative repercussions on dry bulk freight rates. Vale has committed ...
Tuesday, 18 November 14
SUB-BIT FOB INDONESIA COAL SWAP DELIVERY Q2' 2015 CLOSED AT $ 49.55; DOWN 4.10% M-O-M
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week and day on day.
The Q1 swap has lost US ...
Tuesday, 18 November 14
FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT $ 66.31; UP 1.33% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has gained US$ 0.27 (+0.41%) month over month and US$ 0.87 (+1.33%) week ...
Tuesday, 18 November 14
CHEAP OIL PRICES COULD RESHAPE GLOBAL OIL EXPORTING MAP - HELLENIC SHIPPING
Tanker owners have enjoyed a rather healthy 2014, but as the year draws to a close, the fall of oil prices is bound to reshape traditional, as well ...
Monday, 17 November 14
SKULD ISSUES URGENT NOTICE ON BANKRUPTCY OF OW BUNKER A/S
Further to the Association’s advices of 7 November 2014, more information has come to light with respect to the potential impact and scale of ...
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- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- PTC India Limited - India
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Minerals Council of Australia
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
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