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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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Wednesday, 07 January 15
FUEL EFFICIENT SHIPS MAKE LESS SENSE IN LOWER BUNKER PRICE MARKET, BUT FUEL COSTS ARE BOUND TO RISE AGAIN
The shipping industry entered 2015 on mixed emotions, as a relatively buoyant tanker market is met by a rather lackluster dry bulk market. Still, a ...
Wednesday, 07 January 15
2015 IS RIDDLED WITH CHALLENGES FOR THE SHIPPING SECTOR, MOST NOTABLY THE DRY BULK MARKET - HELLENIC SHIPPING NEWS
As the new year has now set foot for real, many are still looking to detect what’s in store for the various shipping markets, with the first ...
Tuesday, 06 January 15
SHIPPING MUST ADOPT CAN-DO ATTITUDE IN 2015 - MOORE STEPHENS
Shipping needs to adopt a can-do attitude in order to successfully meet the challenges which are likely to come its way in 2015.
Shipping part ...
Tuesday, 06 January 15
Q4' 15 FOB INDONESIA COAL SWAP CLOSED 1.81% HIGHER COMPARED TO Q1' 15 CLOSING
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 0.74 (-1.51%) m ...
Tuesday, 06 January 15
FOB RICHARDS BAY COAL SWAPS LOST W-O-W AND M-O-M, SGX DATA SHOWS
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 3.52 (-5. ...
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- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Planning Commission, India
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
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