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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, 05 January 15
CFR SOUTH CHINA COAL SWAPS GAINED WEEK OVER WEEK, SGX DATA SHOWS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 2.50 (-4.02%) month over month and gained US$ 0.20 ( ...
Monday, 05 January 15
FIVE ENERGY SURPRISES FOR 2015: THE POSSIBLE AND THE IMPROBABLE - KURT COBB
The coming year is likely to be as full of surprises in the field of energy as 2014 was. We just don't know which surprises! I am not predictin ...
Monday, 05 January 15
THE SHIPPING MARKET IN 2014 AND LOOKING FORWARD - BIMCO
2014 started with plenty of optimism for a considerably better global economy and an improved shipping market. Things turned out somewhat different ...
Monday, 05 January 15
API 5 FOB NEWCASTLE COAL SWAP FOR Q1'15 DELIVERY CLOSED US$ 0.45 HIGHER COMPARED TO Q2'15 CLOSING
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 0.60 per MT (-1.15%) month over month and gained US$ 0.02 (+0.04%) ...
Sunday, 04 January 15
BALTIC DRY INDEX CONTINUES ITS DECLINE IN 2015
Wish you all a very Happy New Year 2015. The last report was dated 19th Dec 2014 and due to Christmas and new year holidays no reports were publish ...
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- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Planning Commission, India
- Parliament of New Zealand
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
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