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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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- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Australian Coal Association
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Parliament of New Zealand
- SMG Consultants - Indonesia
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
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