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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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Tuesday, 10 March 15
OIL PRICE FORECASTING - IGNORE THE EXPERTS: COLIN MARSHALL
KNOWLEDGE TO ELEVATE
Experts put themselves on a pedestal, making claims to have special forecasting abilities for oil price trends. They, too ...
Tuesday, 10 March 15
FOB NEWCASTLE COAL SWAPS HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 0.24 per MT (-0.47%) month over month and US$ 1.52 (-2.93%) we ...
Tuesday, 10 March 15
CFR SOUTH CHINA POWER-STATION COAL SWAPS DECLINE
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery fell US$ 0.42 (-0.74%) per MT month over month and declined US$ 1.00 &nbs ...
Monday, 09 March 15
INDONESIA GREETS INDIA RATE CUT AS GOOD FOR EXPORTS - GLOBEASIA
Indonesian commodity producers and economists have hailed the Indian central bank’s rate cut as good for boosting exports from Southeast Asia ...
Monday, 09 March 15
CHINA'S SUPREME COURT ISSUES NEW JUDICIAL INTERPRETATION ON SHIP ARREST AND JUDICIAL SALE OF SHIPS - GARD
KNOWLEDGE TO ELEVATE
China is not traditionally a popular jurisdiction for ship arrest. However, Members and clients with ships calling at por ...
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- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- The University of Queensland
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- ASAPP Information Group - India
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