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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, 21 October 14
INDIA'S DIESEL DEREGULATION POSITIVE FOR OIL COMPANIES - FITCH
The Indian government's 18 October decision to deregulate diesel prices will have a positive effect on the national oil marketing companies tha ...
Tuesday, 21 October 14
LOW DEMAND PUTTING COAL SWAPS UNDER PRESSURE
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost on day, week and month.
The swap has lost US$ 1.57 (-3.04%) month on month ...
Monday, 20 October 14
CHINA'S ENVIRONMENTAL POLICIES DO NOT SPELL THE END FOR COAL - WOOD MACKENZIE
China's environmental policies do not spell the end for coal Analysis across energy commodities show coal still accounting for 64% of power mix ...
Monday, 20 October 14
CFR SOUTH CHINA COAL SWAPS FAILED TO PERFORM POSITIVE
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 3.04 (-4.57%) month over month and US$ 1.75 (-2.68%) week o ...
Sunday, 19 October 14
LOW DEMAND PUSHES DOWN COAL FREIGHT RATES; VOLATILITY CONTINUES
COALspot.com: This week all the segments softened including BDI except for Panamax index.
The BDI was down by1.70 pct and clsoed at 944 points ...
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- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Australian Coal Association
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- The Treasury - Australian Government
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Planning Commission, India
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- VISA Power Limited - India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
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