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Monday, 29 December 14
BULK MARKET ENDS YEAR ON SOUR NOTE, SHIPBROKER SEES 'BUMPY ROAD AHEAD' - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 2014 was supposed to be the year that the dry bulk market would stage a comeback and a sustainable one for that matter. However, while for the most past, the balance between supply and demand was restored, the rally of the market during the August-September one was a short-lived one. According to the latest report from shipbroker Intermodal, “the negative sentiment that has been prevailing in the dry bulk market lately leaves most owners with a rather bitter taste following the free fall of the past weeks”.
According to SnP Broker, Mr. John N. Cotzias, “enquiry levels remain low and we observe with great concern the everyday softening that takes place in the Capesize segment, with the BCI touching new historical lows daily, since its introduction in March 1999. In the past four weeks we have seen the index dropping from above 3,000 points to well below 500 points, while the average T/C for the segment has moved from $23,000/day to below $4,900/day. What a drop! If one considers that most Capes run their OPEX in excess of $10k/day and the level of CAPEX for those Capes acquired at 100mil USD then it goes without saying that some owners and their banks are facing hard times ahead. The drop in second-hand prices is also evident, with prices approaching the levels we witnessed back in December 2012 and January 2013, while every new deal is marking a lower last done, which is also the benchmark for the negotiation of the next sale candidate”.
Cotzias, also President of the Hellenic Shipbrokers Association, went on to raise the question of what are the fundamentals at the moment? According to the broker, “bunker prices are at a 5 year low, the Japanese Yen reached a seven year low against the US Dollar, the Euro to the Dollar may be soon approaching 1.15 according to some, the Russian economy presently looks Rubbled… sorry meant troubled, iron ore prices are phenomenally low, China’s softening appetite in November has been weighing down on Capes and mineral export bans from Indonesia hurt further the Pacific trade. At the same time the scrap price offered in China is at $220-$230/ton and price levels have also been dropping sharply in the Indian Subcontinent. Most notably, the overall scrap activity for 2014 is 30% less than that of last year, while newbuilding ordering in 2014 is almost 50% down compared to 2013 levels”.
He added that “a very simplistic approach says that during a bad market when freight rates suffer, the normal is that ship prices correct. Definitely some owners lose their sleep during this period, however others are seeing this as a golden opportunity to buy low, support their investment until rates improve and once their asset gains in value, lock in the profits. Bankers always say that a business proposal should be viable with all figures “adding-up” positively… however these proposals never take into account the value of asset play. A business deal in which you are buying low, is usually one taking place in a freight environment which doesn’t make sense for a banker to invest in, but is usually the one that will most probably offer the opportunity to asset play”, Cotzias concluded.
Meanwhile, Intermodal noted in its report that “the Dry Bulk market kept losing ground throughout last week, while the consecutive daily record lows of the BCI kept feeding the negative sentiment”. In the SnP market, “activity appears to be holding well despite a big part of the market already being in a holiday mood, while this past week more en-bloc tanker deals have taken place, resuming the recent trend. On the tanker side, we had the en-bloc sale of the “STI HERITAGE” (73,956dwt-blt 08, Japan) and the “STI HARMONY” (73,919dwt-blt 07, Japan), which were picked up by Singaporean owner, BW, for a price of US$ 31.9.0m and US$ 29.4.0m respectively. On the dry bulker side, we had the resale of a TSUNEISHI ZHOUSHAN Kamsarmax (81,600dwt-blt 15, China), which went to Greek owner Vita Management for a price of $ 30.7m”, Intermodal said.
Finally, in the newbuilding market “sluggish activity continues to describe the newbuilding market, with non-conventional vessels continuing to gather a big chunk of the ordering interest nowadays. Despite the fact that prices remained stable this past week, we expect the downward movement to resume sooner rather than later as less and less owners appear keen to place an order, while at the same time upcoming back to back holidays across the globe will further weigh on activity. It comes as no surprise that tankers continue to gather more interest compared to dry bulkers and reports of Scorpio’s order last week are also confirming this trend. The Monaco based owner has agreed to modify an order for Capesize vessels previously inked with an S. Korean yard, to a four firm plus two optional LR2 units, clearly showing the shift of confidence from one sector to the other that has taken place during the past months on the back of the two freight markets moving to completely different directions. In terms of recently reported deals, British Petroleum, has placed an order, for six firm LNG carriers (174,000dwt) at DSME, in S. Korea, for a price of $ 206.0m each and delivery set in 2018-2019″, the shipbroker concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Tuesday, 20 January 15
INDIA TO SURPASS THE UNITED STATES AND BECOME THE SECOND-LARGEST COAL CONSUMER IN THE WORLD BY 2019 - IMF
COALspot.com: In 2013, coal added more primary energy than any other fuel and was the fastest-growing fossil fuel, enhancing its position as the se ...
Tuesday, 20 January 15
INDONESIAN COAL OUTPUT SEEN RISING, DESPITE FALL IN ITS PRICE
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week, but Indonesian Coal Output Seen Rising. T ...
Tuesday, 20 January 15
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY DECLINED 2.83% M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery declined US$ 1.45 per MT (-2.83%) month over month and US$ 0.50 (-0.99%) we ...
Monday, 19 January 15
HBA FALL TO FRESH LOWS; COAL OVERSUPPLY WILL CONTINUE TO PUSH PRICE DOWN
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 63.84. T ...
Monday, 19 January 15
CFR SOUTH CHINA COAL SWAPS REMAIN WEAK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 3.37 (-5.63%) per MT month over month and US$ 0.74 (-1.29%) ...
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- PTC India Limited - India
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
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