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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.
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Friday, 14 November 14
MORE NATURAL GAS FROM RUSSIA TO HELP STABILISE CHINA PRICES - FITCH RATINGS
COALspot.com: Fitch Ratings has said possible additional natural gas supplies from Russia's OAO Gazprom to China via the Altai pipeline would h ...
Thursday, 13 November 14
SLOWER AND LOWER HAS BEEN THE TREND OF THE PANAMAX IN BOTH HEMISPHERES - FEARNLEYS
Handy
We are experiencing an oversupply of tonnage in the Atlantic which is out numbering the amount of cargoes, Fearnleys broker says in its lat ...
Thursday, 13 November 14
DRY BULK MARKET'S REBOUND HINGES ON IRON ORE OVERSUPPLY ISSUES MOVING FORWARD - HELLENIC SHIPPING NEWS
“One man’s benefit, is another man’s demise” is a phrase which can be used to describe today’s situation in the dry b ...
Thursday, 13 November 14
COAL MINISTER WANTS INDIA TO STOP COAL IMPORTS IN TWO OR THREE YEARS
COALspot.com: India to ramp up coal production to a billion tonnes by 2019 from its current level of 490 million tones. According to Power and Coal ...
Thursday, 13 November 14
MODERN DRY BULK SHIPS' PRICES START FIRMING UP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While the main story of the past few weeks has been the rebound of the dry bulk market, which has been a result of increased Chinese iron ore impor ...
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- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Parliament of New Zealand
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
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