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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, 05 December 14
CHINESE SPECIAL STEEL MAKERS' RISK PROFILES MORE RESILIENT - FITCH
Fitch Ratings says the risk profiles of Chinese makers of special steel, especially high-end products, are more like those of manufacturers and mor ...
Friday, 05 December 14
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED AROUND 905 MMST - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19 million short tons (mmst) of coal i ...
Thursday, 04 December 14
CAPE MARKET IS DEVELOPING FROM BAD TO WORSE
Handy
The Atlantic market has been pretty stable and balanced this week, Fearnleys AS says in its latest weekly report.
The broker furt ...
Thursday, 04 December 14
DRY BULK MARKET; ANOTHER DISAPPOINTING WEEK
COALspot.com: For those who have been hoping to see alignment of freight direction across the Dry Bulk market, this must have been another disappoi ...
Wednesday, 03 December 14
PROGRESSING SMELTER PROJECTS IN INDONESIA
Press Release: Indonesia’s ban on ‘raw mineral export’ that was designed to encouraging downstream investment in mineral processi ...
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- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Posco Energy - South Korea
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
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