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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, 28 November 14
NEW BIMCO CLAUSE AIMS TO REDUCE SUPPLIERS' RELIANCE ON SHIP ARREST FOR CHARTERERS' UNPAID BUNKERS
KNOWLEDGE TO ELEVATE
Ship owners can, on occasion, find themselves in the invidious position of suffering unexpected loss of hire due to a tim ...
Friday, 28 November 14
JSW ENERGY AND GRM RESOURCES JOIN GLOBALCOAL
COALspot.com: globalCOAL® announced yesterday that two new Market Members have joined its online coal trading platform. According globaCOAL&rsq ...
Thursday, 27 November 14
MINING SERVICES TAX SPIKED BY 233% - BISNIS INDONESIA
COALspot.com: The Energy and Mineral Resources Department of Indonesia said the tax contribution from mining services sector in the 3rd Q 2014 ...
Thursday, 27 November 14
PANAMAX : EXPECTATION'S FOR A STRONG END OF YEAR RUSH, DISAPPEAR DAY BY DAY - FEARNLEYS
Handy
“We have experienced a firming market the last couple of weeks. More activity from cargo owners in the Atlantic and less available to ...
Wednesday, 26 November 14
OVERSUPPLY OF TONNAGE PUSHED PANAMAX SEGMENT DOWN FOR ANOTHER WEEK
COALspot.com: The Dry Bulk market managed to reverse its course from the week prior and with the sole exception of the Panamax segment, we witnesse ...
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- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- The University of Queensland
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
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