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Wednesday, 30 April 14
FREIGHT MARKET FOR DRY BULKERS STILL REMAINS WEAK - INTERMODAL
 One week after the Easter holiday and the celebration for the resurrection of Christ, everybody expected to see a similar sign of a revival in the market too, or hoped for at least a small positive correction, however, so far, it seems that this is not something that will happen anytime soon.
While the freight market for dry bulkers still remains weak, additional issues are weighing on rates as well; one of them being the recently reported difficulties faced by most of the top Shandong Soybean importers to obtain L/Cs from the banks, which drove them to cancel a number of contracts. It is also worth mentioning that, together with them, other private coal traders based in Guangdong seem to be facing similar difficulties in concluding import contracts as well.
The poor freight market has also been quickly affecting the activity in the SnP market, as compared to the last months we see less and less Buyers interested in acquiring second hand tonnage. At the same time, the few Buyers that are still inspecting are offering well below the levels of the last done sales. As a result, they either push Sellers to withdraw their ships from the market altogether or invite interested parties to a second round of inspections at a later port call, hopping to gain some time before the market starts improving again.
A good example of the above, is a Japanese controlled 2002 Imabari built Panamax vessel, which was on the market for sale, however rumours are saying that only two parties proceeded with an inspection and that the figures they offered were not even close to Sellers ideas, so Owners decided to keep her on the market and invite a second round of inspections. A similar case is that of a 2002 built Handymax , which was reported sold last week; however we understand that the vessel still remains free and Owners are once again inviting inspections at the next port call.
A similar case of downward pointing prices is also being witnessed in the resale market, where Owners, who had contracted their ships sometime during the beginning of 2013 at fairly low levels (compared to recent deals), tried to get advantage from the firming prices of the last months by selling their tonnage. As a result we witnessed an overwhelming amount of resale tonnage in the market, even by top quality shipyards, which caused an inevitable oversupply especially as Buyers started to step back from further purchases.
In the new building market we are seeing some slots opening, as it seems that certain Buyers didn't exercise their options, but these are only a few, especially for reputable shipyards, and new building prices currently appear fairly shielded by the bad performance of the market at this stage.
Unfortunately for Sellers, today’s market is not very promising and it seems that, if they do remain Sellers, they will have to compromise and drop their ideas, so that the sale price conforms to the current freight environment. On the other hand, if you are a Buyer today, this could possibly be the correction you have been waiting for to help you get back in the game before another round of firming second hand prices washes over the market 2013 style…
Analysts:
Mr. George Lazaridis | g.lazaridis@intermodal.gr
Ms. Eva Tzima | e.tzima@intermodal.gr
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 15 May 14
USA COAL CONFERENCE
Press Release: IHS Inc. (NYSE: IHS), the leading global source of information and analysis, will host the Coal USA Conference, June 18-20, 2014, ...
Wednesday, 14 May 14
COAL PRICES IN CHINA HAVE DROPPED TO THEIR LOWEST LEVELS SINCE END-2008
COALspot.com: Coal prices in China have dropped to their lowest levels since end-2008, Fitch says in its latest rating report on one of the coal ...
Wednesday, 14 May 14
ALMOST THROUGH THE HALF OF THE YEAR, THE DRY BULK INDEX SHOW SIGNS OF WEAKNESS; CREATING TO BOTH EXISTING SHIP OWNERS AND POTENTIAL INVESTORS A LOT OF INSECURITY - PANOS MAKRINOS
Almost through the half of the year, the overall shipping market and more specifically the Dry Bulk Index show signs of weakness, creating to bo ...
Tuesday, 13 May 14
NPC COAL EXPORT VOLUMES PLUNGE TO 2.48 MMT WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 12 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Quee ...
Tuesday, 13 May 14
YET ANOTHER POSIDONIA EXHIBITION IS ON ITS WAY - INTERMODAL
With less than a month to go before another Posidonia exhibition starts and all the parties and celebrations get under way we thought that it wo ...
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- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- The University of Queensland
- Economic Council, Georgia
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Australian Coal Association
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
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