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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, 14 November 14
MORE NATURAL GAS FROM RUSSIA TO HELP STABILISE CHINA PRICES - FITCH RATINGS
COALspot.com: Fitch Ratings has said possible additional natural gas supplies from Russia's OAO Gazprom to China via the Altai pipeline would h ...
Thursday, 13 November 14
SLOWER AND LOWER HAS BEEN THE TREND OF THE PANAMAX IN BOTH HEMISPHERES - FEARNLEYS
Handy
We are experiencing an oversupply of tonnage in the Atlantic which is out numbering the amount of cargoes, Fearnleys broker says in its lat ...
Thursday, 13 November 14
DRY BULK MARKET'S REBOUND HINGES ON IRON ORE OVERSUPPLY ISSUES MOVING FORWARD - HELLENIC SHIPPING NEWS
“One man’s benefit, is another man’s demise” is a phrase which can be used to describe today’s situation in the dry b ...
Thursday, 13 November 14
COAL MINISTER WANTS INDIA TO STOP COAL IMPORTS IN TWO OR THREE YEARS
COALspot.com: India to ramp up coal production to a billion tonnes by 2019 from its current level of 490 million tones. According to Power and Coal ...
Thursday, 13 November 14
MODERN DRY BULK SHIPS' PRICES START FIRMING UP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While the main story of the past few weeks has been the rebound of the dry bulk market, which has been a result of increased Chinese iron ore impor ...
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- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
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