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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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Wednesday, 15 October 14
NEWCASTLE SHIPPED 13.96 MILLION TONS OF COAL IN SEPTEMBER; UP 5.72%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,227.7 wor ...
Tuesday, 14 October 14
KING COAL UNDER ATTACK? - EVA TZIMA
With the last quarter of the year being well underway and with no strong signs that the Dry Bulk market could be ready for a big positive reversal, ...
Tuesday, 14 October 14
THE NEW CHINESE TRANSPORTATION TAX LAW: WHAT DOES IT MEAN FOR GREEK SHIPPING? - DELOITTE
China has recently promulgated a new law which imposes tax on profits from freights of inbound routes. The objective of the new tax law titled &ldq ...
Monday, 13 October 14
CHINESE COAL IMPORT TARIFFS YET ANOTHER BLOW TO AUSTRALIAN COAL EXPORTS - TIM BUCKLEY
COALspot.com: China’s unexpected move to reintroduce thermal coal import tariffs of 6% will have a materially negative impact on the viabilit ...
Monday, 13 October 14
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 54.92, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for delivery Q4' 2014 decreased US$ 0.80 (-1.46%) month over month and US$ 0.52 (-0.95%) week over ...
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- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Planning Commission, India
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- PTC India Limited - India
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
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