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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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Friday, 19 December 14
HOW WILL LOWER BUNKER PRICES AFFECT THE SUBSTANTIAL OVERCAPACITY IN DRY BULK MARKET? - BIMCO
As bunker fuel costs have come down from USD 600 per tonnes to USD 330 per tonnes in the past 6 months, much talk about increased ship speed have s ...
Friday, 19 December 14
U.S WEEKLY COAL PRODUCTION REACHED APPROXIMATELY 19.8 MMST; UP 1.0% WOW
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Friday, 19 December 14
HANDY: SOFTER TONE; PANAMAX: QUIET WEEK; CAPESIZE; PAINFUL WEEK
Handy
A softer tone for rates and volumes for the Supras, perhaps less apparent in the Pacific the last week before the season holidays and good ...
Thursday, 18 December 14
INDONESIA TO REVISE UP COAL OUTPUT TARGET TO 460 MILLION TONS IN 2015
COALspot.com: Indonesian government has revised up its next year coal output forecast to 460 million tons from its previous forecast of 421 million ...
Wednesday, 17 December 14
CAPES RATES SLIPPED BELOW $5,600/DAY, FELL 84% YOY
COALspot.com: In the very rare occurrence when the BCI stands below the BDI, words to describe market sentiment are probably poor, said Intermodal ...
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- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- White Energy Company Limited
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Planning Commission, India
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
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