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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, 08 December 14
GOVERMENT TO WITHDRAW CNC STATUS OVER SUSPECTED FLAWS - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to review the clean and clear (CnC) status held by ...
Monday, 08 December 14
FOB NEWCASTLE COAL SWAPS SLIP W-O-W AND M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.10 on 5 December after losing US$ 0.55 (-1.04%) month over ...
Sunday, 07 December 14
SUPRAMAX S8 ROUTE SLIGHTLY INCREASED WEEK ON WEEK
COALspot.com: The BDI continued its fall as cape index fell heavily week on week.
The BDI lost around14.83 pct within last five working day an ...
Saturday, 06 December 14
TANKER FLOATING STORAGE PLAYS COULD COME INTO PLAY IF VLCC RATES STAY AT CURRENT LEVEL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Contango: A phenomenon in commodities futures price curves where the delivery price of a futures contract is greater than the current price. With t ...
Saturday, 06 December 14
MUNDRA PORT MAKES HISTORY BY HANDLING THE LARGEST BULK CARRIER TO CALL ON WEST COAST OF INDIA
COALspot.com: Adani Ports & SEZ Ltd, India’s largest port developer and part of Adani Group, yesterday said its Mundra Port successf ...
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- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Planning Commission, India
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- White Energy Company Limited
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
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