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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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Tuesday, 18 November 14
VALEMAX DEAL TO DETERMINE DRY BULK MARKET'S FATE - DREWRY MARITIME RESEARCH
Vale’s accord to sell and lease four Valemax vessels to COSCO might have negative repercussions on dry bulk freight rates. Vale has committed ...
Tuesday, 18 November 14
SUB-BIT FOB INDONESIA COAL SWAP DELIVERY Q2' 2015 CLOSED AT $ 49.55; DOWN 4.10% M-O-M
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week and day on day.
The Q1 swap has lost US ...
Tuesday, 18 November 14
FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT $ 66.31; UP 1.33% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has gained US$ 0.27 (+0.41%) month over month and US$ 0.87 (+1.33%) week ...
Tuesday, 18 November 14
CHEAP OIL PRICES COULD RESHAPE GLOBAL OIL EXPORTING MAP - HELLENIC SHIPPING
Tanker owners have enjoyed a rather healthy 2014, but as the year draws to a close, the fall of oil prices is bound to reshape traditional, as well ...
Monday, 17 November 14
SKULD ISSUES URGENT NOTICE ON BANKRUPTCY OF OW BUNKER A/S
Further to the Association’s advices of 7 November 2014, more information has come to light with respect to the potential impact and scale of ...
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- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
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