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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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Wednesday, 11 March 15
RICHARDS BAY COAL SWAPS DROP $ 3.65 - 4.0/T W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has fell US$ ...
Wednesday, 11 March 15
DRY BULK MARKET CLOSED OFF ON THE GREEN FOR A SECOND WEEK IN A ROW - INTERMODAL
COALspot.com: The Dry Bulk market closed off on the green for a second week in a row, while the performance of Capesizes hindered a more substantia ...
Wednesday, 11 March 15
MARKET INSIGHT : NEWBUILDINGS - PANOS TSILINGIRIS
From a cost-based, buy-low perspective, there is currently a buying opportunity in the second-hand dry bulk market. I am an anti-cyclical (buy-low) ...
Wednesday, 11 March 15
DRY BULK MARKET: ALL IS NOT LOST FOR A RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The low cost of commodities across the board could trigger an increase of trade among many countries, which in turn could lead to a recovery of the ...
Wednesday, 11 March 15
U.S. ELECTRIC GENERATING COMPANIES TO ADD MORE THAN 20 GW OF GENERATING CAPACITY IN 2015; 16 GW OF GENERATING CAPACITY IS EXPECTED TO RETIRE IN 2015
COALspot.com: In 2015, electric generating companies in U.S. expect to add more than 20 gigawatts (GW) of utility-scale generating capacity to the ...
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- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Planning Commission, India
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- CNBM International Corporation - China
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
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