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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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Friday, 26 December 14
SHIPS FACE LOWER SULPHUR FUEL REQUIREMENTS IN EMISSION CONTROL AREAS FROM 1 JANUARY 2015 - IMO
Ships trading in designated emission control areas will have to use on board fuel oil with a sulphur content of no more than 0.10% from 1 January 2 ...
Wednesday, 24 December 14
CAPE DEMAND WAS STILL EXTREMELY SOFT THIS PAST WEEK ACROSS BOTH BASINS - INTERMODAL
COALspot.com: The performance of the Dry Bulk market, which found itself in desperate search of support for yet another week, has left very little ...
Wednesday, 24 December 14
MARKET INSIGHT - JOHN N. COTZIAS, INTERMODAL SNP BROKER
The year is coming to an end, and we should be able to assess if this was a good year, a bad year, or even a lousy one? The answer clearly de ...
Tuesday, 23 December 14
Q1'15 FOB INDONESIA COAL SWAP GAINED 48 CENTS IN ONE WEEK
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and gained week over week and day on day.
The Q1 swap has lo ...
Tuesday, 23 December 14
Q4'15 FOB RICHARDS BAY COAL SWAPS FALL $ 3.85 IN A MONTH
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 2.13 (-3.17%) month on month ...
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- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- PTC India Limited - India
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Parliament of New Zealand
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
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