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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, 08 May 14
'TRIAL BY MEDIA, TRIAL BY LAW' - A REPORT FROM TRACK 1 OF BIMCO'S ANNUAL CONFERENCE DUBAI 2014
KNOWLEDGE TO ELEVATE
Aiming to bring a very different type of event into their annual conference, BIMCO presented ‘Double Jeopardy &n ...
Thursday, 08 May 14
INDONESIAN COAL PRICE REFERENCE IN MAY CRASHES THROUGH $74
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised down again the coal bench mark price by US$ 1.21 / MT to ...
Wednesday, 07 May 14
THE DRY BULK MARKET HAS NOTED ANOTHER WEEKLY POSITIVE GAIN
Chartering (Wet: Softer- / Dry: Stable+)
The Dry Bulk market has noted another weekly positive gain, driven by the Capesize segment, but we ne ...
Wednesday, 07 May 14
SGX ENHANCES ITS COMMODITIES PRODUCT OFFERING
COALspot.com: SGX is building up its bulk commodity product offerings with 9 more derivative contracts over the next 2 months, subject to regula ...
Tuesday, 06 May 14
NEWCASTLE COAL EXPORT SLIPS 7.92% WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 5 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland ...
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- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Minerals Council of Australia
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
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