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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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Monday, 10 November 14
Q4' 15 FOB INDONESIA COAL SWAP CLOSED LOWER THAN Q1' 15 CLOSING PRICE OF US$ 49.58 ON LAST FRIDAY
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week on week and day on day.
The Q1 swap has lost just US$ ...
Monday, 10 November 14
SGX'S API 4 FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 65.44 ON 7 NOV, LOST 4.08% M-O-M
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has decreased US$ 2.78 (-4.08%) month over month and US$ 1.41 (-2.11%) w ...
Monday, 10 November 14
MOZAMBIQUE SIGNED CONTRACT WITH ETA STAR OF UAE FOR OPEN CAST COAL MINE IN TETE - AIM
- ETA Star to build slurry pipeline over the 600 kilometers to Beira in Mozambique to transport coal.
- The viability studies show the presence o ...
Monday, 10 November 14
YEAR 2015 CFR SOUTH CHINA COAL SWAP SHOWS A WEAK TREND THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 3.74 (-5.63%) month over month and US$ 2.19 (+3.37%) we ...
Sunday, 09 November 14
CAPE INDEX UP 3.06%; PANAMAX INDEX FELL 4.05%
COALspot.com: The BDI was almost at same levels compared to last week closing or just increased 0.77 pct from last week. The BDI was closed at 1437 ...
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- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- VISA Power Limited - India
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Australian Coal Association
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
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