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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, 13 January 15
MORE PITFALLS FOR OWNERS LOOKING TO TERMINATE FOR UNPAID HIRE - INCE & CO
KNOWLEDGE TO ELEVATE
It is a debatable point whether or not the obligation to pay hire under a time charter is a condition of the contract or ...
Tuesday, 13 January 15
Q2 CFR SOUTH CHINA COAL SWAP DECLINED 8.66% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined by US$ 3.48 (-5.73%) month over month and US$ 2.35 (-3.94%) week ...
Tuesday, 13 January 15
Q1' 2015 RICHARDS BAY COAL SWAP SLIGHTLY HIGHER THAN Q2 & Q4 2015 SWAPS
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 7.21 ...
Monday, 12 January 15
COAL: LOW PRICES ARE EXPECTED TO DRIVE A SUPPLY-DRIVEN RECOVERY IN THE MEDIUM TERM - SGX
COALspot.com: Thermal coal prices dropped to six-year lows in 2014 driven by persistent oversupply, SGX says in its “ Commodities 2014 - A ye ...
Monday, 12 January 15
FREIGHT MARKET: 2015 FLEET SUPPLY GROWTH IS EXPECTED TO REMAIN SLIGHTLY AHEAD OF CARGO GROWTH - SGX
COALspot.com: The dry bulk freight market was forced to digest a number of negatives in 2014 leading the Baltic Dry Index to fall 66% through the y ...
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- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- PTC India Limited - India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
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