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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, 10 November 14
Q4' 15 FOB INDONESIA COAL SWAP CLOSED LOWER THAN Q1' 15 CLOSING PRICE OF US$ 49.58 ON LAST FRIDAY
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week on week and day on day.
The Q1 swap has lost just US$ ...
Monday, 10 November 14
SGX'S API 4 FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 65.44 ON 7 NOV, LOST 4.08% M-O-M
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has decreased US$ 2.78 (-4.08%) month over month and US$ 1.41 (-2.11%) w ...
Monday, 10 November 14
MOZAMBIQUE SIGNED CONTRACT WITH ETA STAR OF UAE FOR OPEN CAST COAL MINE IN TETE - AIM
- ETA Star to build slurry pipeline over the 600 kilometers to Beira in Mozambique to transport coal.
- The viability studies show the presence o ...
Monday, 10 November 14
YEAR 2015 CFR SOUTH CHINA COAL SWAP SHOWS A WEAK TREND THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 3.74 (-5.63%) month over month and US$ 2.19 (+3.37%) we ...
Sunday, 09 November 14
CAPE INDEX UP 3.06%; PANAMAX INDEX FELL 4.05%
COALspot.com: The BDI was almost at same levels compared to last week closing or just increased 0.77 pct from last week. The BDI was closed at 1437 ...
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- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- PTC India Limited - India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
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