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