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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, 24 November 14
CHOPPY WATERS IN DRY BULK - SGX
COALspot.com: Dry bulk freight rates have experienced a sharp rise in volatility in recent weeks as bulk commodity supply has ramped up, said SGX i ...
Monday, 24 November 14
Q1 2015 FOB NEWCASTLE COAL SWAP CLOSED AT $ 52.73
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.73 on 21 November after losing US$ 0.40 (-0.75%) month ove ...
Monday, 24 November 14
CFR SOUTH CHINA COAL: Q2' 15 COAL SWAPS CLOSED LOWER COMPARED TO Q1' 15 SWAPS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 0.63 (-0.99%) month over month and US$ 0.12 (-0.19%) da ...
Sunday, 23 November 14
SPOT FREIGHT RATES IMPROVED SLIGHTLY OVER PREVIOUS WEEK
COALspot.com: The BDI was up 5.41 pct week on week and closed at 1,324 points on Friday. All the segments were up this week except Panamax index.&n ...
Sunday, 23 November 14
ITALY'S STEAM COAL IMPORTS TO DROP BY 11% IN 2014 - ASSOCARBONI
COALspot.com: Italy’s steam coal imports expected to drop to 16 million tons in 2014 (-11% compared to 2013); coking coal imports to plunge t ...
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- Bangladesh Power Developement Board
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- The University of Queensland
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- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
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- Merrill Lynch Commodities Europe
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- Metalloyd Limited - United Kingdom
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- Globalindo Alam Lestari - Indonesia
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- Economic Council, Georgia
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- Australian Commodity Traders Exchange
- White Energy Company Limited
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- Therma Luzon, Inc, Philippines
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- Straits Asia Resources Limited - Singapore
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- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
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- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
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- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
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- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- The Treasury - Australian Government
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- Carbofer General Trading SA - India
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- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
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- Parliament of New Zealand
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- Semirara Mining Corp, Philippines
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- Tamil Nadu electricity Board
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- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
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- Gujarat Sidhee Cement - India
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- Baramulti Group, Indonesia
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- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
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