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Wednesday, 17 December 14
MARKET INSIGHT - INTERMODAL SHANGHAI, SNP TEAM
 As the end of the fourth quarter is approaching, we are all witness to the second hand market prices softening day by day. Any new deal surfacing the market is at significantly lower level compared to the previous last done. In this respect, some Owners are accepting these new discounted levels, ac-cepting the new asset level reality, whereas others prefer to withdraw their ships or chose to wait, hoping to find more eager Buyers who can pay their aiming levels.
For the modern dry bulker tonnages, Owners are still holding back and are insisting on asking prices, which in some cases are more in sync with the levels of the market six months ago. Most of them, however, are trying to fix the ships in small period contracts that will help them sit through the bad market in the next few months, hoping that by the end of the contracts they will face a better market. Some unrealistically priced sale candidates, which still remain in the market, have created a small increase in the supply of tonnage for sale which does not help the more serious Sellers to get a good or at least a decent price for their vessels.
Demolition prices are softening every week and the period of time where the prices were around 480-500 usd/ldt for bulkers is well behind us. Today, we can see Owners receiving figures at around 420-430 usd/ldt basis deliv-ery in Bangladesh or West coast of India. Many people in this industry are pessimistic and they don’t expect any increase in demo prices in the near future, with some expecting average demo bids to fall below the 400 usd/ldt mark sooner rather than later. The iron ore and steel price remain on a downward slope, while the continuous imports of cheap Chinese scrap steel is still the main hurdle faced by demo breakers in the Indian subcontinent.
The softening of the demo market, has had a big impact on the selling prices of the early/mid 90s built dry bulk carriers since their value calculation is usually based on the demo price plus a premium. This is most notable on Panamax and Handymax dry bulk tonnage, which have lost significant value during the past months and all this doesn’t seem to be changing soon, as the vessels on the market are too many and the majority of the Buyers are based in China, who is well accustomed in being patient in order to get something cheap.
Chinese Buyers already seem to be attracted by the present lows of the mar-ket and there is definitely some warming up of activity here. However, as everybody has a feeling that prices will most probably keep dropping, as a result of the continuously softening demo prices, most potential Buyers chose to wait a little further before they invest in second-hand tonnage. The logic behind this is that instead of acquiring now a low-mid 90’s blt ship, there might be an opportunity in the very near future to purchase, at a simi-lar value, a late 90’s blt tonnage.
Hopefully, these bad market conditions will come to an end soon. If this situation persists for long enough though, everybody involved in the indus-try will start facing problems. On the other hand, this hasn’t had a significant effect on Tanker Owners who are trading in a significantly improved freight market, ever since oil prices dropped and demand of oil increased. But whether this perfect storm will continue to favor the tanker market is the million dollar question here.
By Intermodal Shanghai office, SnP Team
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
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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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%) ...
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 ...
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- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Planning Commission, India
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Australian Coal Association
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- The University of Queensland
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