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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, 10 October 14
U.S. PRODUCED 83.2 MMST OF COAL IN SEPTEMBER, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.6 million short tons (mmst) of coal in ...
Thursday, 09 October 14
CAPESIZE MARKET HAS CONTINUED TO SHOW WEAKNESS - FEARNLEYS
Handy
We mentioned last week that after several weeks of rate increase for the Supras, the bigger Panamaxes started to snap up better paying Supr ...
Thursday, 09 October 14
SHIPPING REMAINS CHALLENGED AS GLOBAL GROWTH DISAPPOINTS - BIMCO
The global shipping industry finds no grace from much stronger economic activity going forward, as the global recovery remains fragile and uneven. ...
Wednesday, 08 October 14
CAPES RATE FOR THE W. AUSTRALIA TO CHINA VOYAGE MOVED TO BELOW $8/MT - INTERMODAL
The Dry Bulk market remained under pressure last week, with rates for Capes remaining on the red while those for Panamaxes managed to outperform th ...
Wednesday, 08 October 14
OIL COULD FALL TO USD80 BEFORE SHALE SUPPLY RESPONSE - FITCH
COALspot.com: Brent oil could fall as low as USD80 a barrel before triggering a self-correcting supply response with shale-oil drillers cutting inv ...
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- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- The University of Queensland
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
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