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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, 07 November 14
U.S. PRODUCED 85.60 MILLION SHORT TONS OF COAL IN OCTOBER, UP 2.88% M-O-M
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.0 million short tons (mmst) of coal ...
Thursday, 06 November 14
THE ATLANTIC HAS REMAINED STRONG WITH A HEALTHY SUPPLY OF NEW CARGOES
Handy
This week has continued its slow trend in both hemispheres and even though rates are a bit up w-o-w it is not a clear sign for any improvem ...
Wednesday, 05 November 14
CAPESIZE SEGMENT ENJOYED FIRMING RATES ACROSS BOTH BASINS
Following a fantastic week in terms of rate performance for Capes, the Dry Bulk market managed to note another positive weekly closing, which stron ...
Wednesday, 05 November 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
COALspot.com: The steep appreciation in dry bulker values between late 2012 and March 2014 resulted in unrealistically expensive ship values compar ...
Tuesday, 04 November 14
INDONESIAN COAL SWAPS FOR 2015 DELIVERIES SHOW A WEAK TREND
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week, the trend was same as las ...
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- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- The University of Queensland
- White Energy Company Limited
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Planning Commission, India
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- PTC India Limited - India
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
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