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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, 30 December 14
INDIA INC TO BENEFIT AS IMPORTED COAL PRICES SET TO FALL - RAHUL PRITHIANI
The Hindu: India‘s coal import volumes are set to rise by over 30 per cent over the next two years to 214 million tonnes in 2015-16, as domes ...
Tuesday, 30 December 14
U.S WEEKLY COAL PRODUCTION ALMOST FLAT AT -0.2%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Monday, 29 December 14
CHINESE COAL IMPORTS: REGULATORY RISKS? - CLARKSONS
In recent years, Chinese seaborne coal imports have surged, registering average growth of 67% p.a. between 2009 and 2013 to total 265mt. However, t ...
Monday, 29 December 14
Q1'15 CFR SOUTH CHINA COAL SWAP CLOSED AT $59.42
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.51 (-5.58%) month over month and US$ 0.08 (-0.13%) ...
Monday, 29 December 14
SGX'S FOB NEWCASTLE COAL SWAPS IMPROVED W-O-W, LOST M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.44 per MT (-2.73%) month over month and gained US$ 0.36 (+0.71%) ...
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- Xindia Steels Limited - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- White Energy Company Limited
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
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