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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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Wednesday, 26 November 14
SHIPPING MARKET INSIGHT - EVA TZIMA
The tanker market has been enjoying some good returns lately. Ok, that may be a big understatement, but with all the ups and downs of the past year ...
Tuesday, 25 November 14
FISCAL BREAKEVEN OIL PRICES SHOW SOVEREIGN VULNERABILITY - FITCH
COALspot.com: The vulnerability of the sovereign credit profiles of net oil exporters, as shown by their fiscal breakeven oil prices, suggests that ...
Tuesday, 25 November 14
UK: TRIBUNAL RULES ON SPEED AND PERFORMANCE CLAIMS UNDER TWO CONSECUTIVE TIME CHARTERPARTIES - REED SMITH
KNOWLEDGE TO ELEVATE
“Owners not to be responsible if the vessel under the currency of this charter party stays at port or anchorage or ...
Tuesday, 25 November 14
FOB RICHARDS BAY COAL SWAP FOR Q4' 15 DELIVERY CLOSED AT US$ 68.20
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 gained month on month, week on week and day over day.
The Q1 swap has gain ...
Tuesday, 25 November 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT $ 49.55
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week.
The Q1 swap has lost US$ 0.12 (-0.24%) ...
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- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- The University of Queensland
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
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