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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, 03 March 15
INDIAN THERMAL COAL IMPORTS: STEAMING FORWARD - CLARKSONS
Coal-fired power stations comprise around 60% of India’s power output, and with domestic supply issues and favourable international coal pric ...
Tuesday, 03 March 15
Q4' FOB INDONESIA COAL SWAP CLOSED 2% LOWER COMPARED TO Q2 CLOSING PRICE OF $ 47.47
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose month on month and declined week over week.
The Q2 swap increased US$ 2.24 ...
Tuesday, 03 March 15
FOB RICHARDS BAY COAL SWAPS: Q2 UP 9.60%; Q3 UP 9.75% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and week on week.
The Q2 swap has soared US$ 5 ...
Monday, 02 March 15
CFR SOUTH CHINA COAL SWAP FOR Q2 DELIVERY REACHED $ 57.50 PMT W/E 27 FEB 2015
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 1.37 (+2.44%) per MT month over month and declined US$ 0.42 ...
Monday, 02 March 15
BORYEONG POWER PLANT OF KOMIPO TO IMPORT 140K OF SUB-BITUMINOUS COAL FOR Q2
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids from coal producers, marketing companies, or traders to supply of 140,000 (70 ...
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- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- The University of Queensland
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
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