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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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Monday, 19 January 15
FOB RICHARDS BAY COAL SWAP FOR Q4 DELIVERY CLOSED 4% LOWER THAN Q1 DELIVERY PRICE
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and week over week.
The Q1 swap has f ...
Sunday, 18 January 15
INDONESIA TO INDIA SUPRAMAX FREIGHT RATES ARE EXPECTED TO REMAIN WEAK NEXT WEEK
COALspot.com: The BDI was up 4.51 pct week on week on Friday 16, January 2015. The BDI closed at 741 points on this Friday after gaining arou ...
Friday, 16 January 15
U.S. WEEKLY COAL PRODUCTION UP 7.3% W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
Thursday, 15 January 15
PANAMAX : MARKET CONTINUE ON LOW PACE - FEARNLEYS
Handy
On a general basis we can say that rates are softening in both hemispheres. Although for some specific trades we can see premiums being ach ...
Thursday, 15 January 15
LOW CASH COSTS, GOOD LIQUIDITY HELP ASIAN OIL COMPANIES IN PRICE ROUT - FITCH
Fitch Ratings says that rated oil and gas production companies in Asia can comfortably operate under low oil prices for some time given their gener ...
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- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- MS Steel International - UAE
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Minerals Council of Australia
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Planning Commission, India
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- The University of Queensland
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- PTC India Limited - India
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
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