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Monday, 29 December 14
BULK MARKET ENDS YEAR ON SOUR NOTE, SHIPBROKER SEES 'BUMPY ROAD AHEAD' - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 2014 was supposed to be the year that the dry bulk market would stage a comeback and a sustainable one for that matter. However, while for the most past, the balance between supply and demand was restored, the rally of the market during the August-September one was a short-lived one. According to the latest report from shipbroker Intermodal, “the negative sentiment that has been prevailing in the dry bulk market lately leaves most owners with a rather bitter taste following the free fall of the past weeks”.
According to SnP Broker, Mr. John N. Cotzias, “enquiry levels remain low and we observe with great concern the everyday softening that takes place in the Capesize segment, with the BCI touching new historical lows daily, since its introduction in March 1999. In the past four weeks we have seen the index dropping from above 3,000 points to well below 500 points, while the average T/C for the segment has moved from $23,000/day to below $4,900/day. What a drop! If one considers that most Capes run their OPEX in excess of $10k/day and the level of CAPEX for those Capes acquired at 100mil USD then it goes without saying that some owners and their banks are facing hard times ahead. The drop in second-hand prices is also evident, with prices approaching the levels we witnessed back in December 2012 and January 2013, while every new deal is marking a lower last done, which is also the benchmark for the negotiation of the next sale candidate”.
Cotzias, also President of the Hellenic Shipbrokers Association, went on to raise the question of what are the fundamentals at the moment? According to the broker, “bunker prices are at a 5 year low, the Japanese Yen reached a seven year low against the US Dollar, the Euro to the Dollar may be soon approaching 1.15 according to some, the Russian economy presently looks Rubbled… sorry meant troubled, iron ore prices are phenomenally low, China’s softening appetite in November has been weighing down on Capes and mineral export bans from Indonesia hurt further the Pacific trade. At the same time the scrap price offered in China is at $220-$230/ton and price levels have also been dropping sharply in the Indian Subcontinent. Most notably, the overall scrap activity for 2014 is 30% less than that of last year, while newbuilding ordering in 2014 is almost 50% down compared to 2013 levels”.
He added that “a very simplistic approach says that during a bad market when freight rates suffer, the normal is that ship prices correct. Definitely some owners lose their sleep during this period, however others are seeing this as a golden opportunity to buy low, support their investment until rates improve and once their asset gains in value, lock in the profits. Bankers always say that a business proposal should be viable with all figures “adding-up” positively… however these proposals never take into account the value of asset play. A business deal in which you are buying low, is usually one taking place in a freight environment which doesn’t make sense for a banker to invest in, but is usually the one that will most probably offer the opportunity to asset play”, Cotzias concluded.
Meanwhile, Intermodal noted in its report that “the Dry Bulk market kept losing ground throughout last week, while the consecutive daily record lows of the BCI kept feeding the negative sentiment”. In the SnP market, “activity appears to be holding well despite a big part of the market already being in a holiday mood, while this past week more en-bloc tanker deals have taken place, resuming the recent trend. On the tanker side, we had the en-bloc sale of the “STI HERITAGE” (73,956dwt-blt 08, Japan) and the “STI HARMONY” (73,919dwt-blt 07, Japan), which were picked up by Singaporean owner, BW, for a price of US$ 31.9.0m and US$ 29.4.0m respectively. On the dry bulker side, we had the resale of a TSUNEISHI ZHOUSHAN Kamsarmax (81,600dwt-blt 15, China), which went to Greek owner Vita Management for a price of $ 30.7m”, Intermodal said.
Finally, in the newbuilding market “sluggish activity continues to describe the newbuilding market, with non-conventional vessels continuing to gather a big chunk of the ordering interest nowadays. Despite the fact that prices remained stable this past week, we expect the downward movement to resume sooner rather than later as less and less owners appear keen to place an order, while at the same time upcoming back to back holidays across the globe will further weigh on activity. It comes as no surprise that tankers continue to gather more interest compared to dry bulkers and reports of Scorpio’s order last week are also confirming this trend. The Monaco based owner has agreed to modify an order for Capesize vessels previously inked with an S. Korean yard, to a four firm plus two optional LR2 units, clearly showing the shift of confidence from one sector to the other that has taken place during the past months on the back of the two freight markets moving to completely different directions. In terms of recently reported deals, British Petroleum, has placed an order, for six firm LNG carriers (174,000dwt) at DSME, in S. Korea, for a price of $ 206.0m each and delivery set in 2018-2019″, the shipbroker concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Monday, 16 March 15
MAKING THE WORLD GO ROUND - SEABORNE TRADE! - CLARKSONS
Money, or even love if you prefer, are claimed to make the world go round. For the shipping world, however, it’s trade that sets things spinn ...
Monday, 16 March 15
API 5 FOB NEWCASTLE COAL SWAPS: DECLINED
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 2.48 per MT (-4.77%) month over month and US$ 0.93 (-1.84%) we ...
Monday, 16 March 15
CFR SOUTH CHINA THERMAL COAL SWAP DECLINED 3.74% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 2.17 (-3.74%) per MT month over month and US$ 0.67 (-1 ...
Sunday, 15 March 15
BDI DECLINED LESSER THAN 1% WEEK OVER WEEK; INDO-INDIA FIRM
COALspot.com: The most of indices, including bulk dry index were falling this week. The BDI has been down by just 0.53 points and closing at 562 po ...
Saturday, 14 March 15
CAPESIZE DRY BULKERS TO AVERAGE BETWEEN $3,000 AND $9,000/DAY IN THE COMING WEEKS SAYS BIMCO
BIMCO issued its latest short-term estimates for the dry bulk market. For March/May: BIMCO assesses that the Capesize time charter (T/C) average ra ...
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- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
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