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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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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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- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- The University of Queensland
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Australian Coal Association
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
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