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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, 24 February 15
IHS ENERGY COAL CONFERENCE OF THE AMERICAS
Attend the IHS Energy Coal Conference of the Americas 17-19 March in Cartagena, Colombia and learn about timely concerns in today's coal indust ...
Monday, 23 February 15
Q2' CFR SOUTH CHINA COAL SWAP FOR Q2 ROSE 3.39% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 1.90 (+3.39%) per MT month over month and declined US$ 0.08 ...
Monday, 23 February 15
Q2' API 5 FOB NEWCASTLE COAL SWAP CLOSED $1 HIGHER THAN Q3
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 3.12 per MT (+6.44%) month over month and fall US$ 0.43 (-0.83%) w ...
Sunday, 22 February 15
THE BALTIC DRY INDEX LOST ALMOST 3.2% OR 17 POINTS WEEK ON WEEK
COALspot.com: The Baltic Dry Index, one of the economic indicators that monitors the health of the world's economy by tracking the price of shi ...
Friday, 20 February 15
GOVT SET TO INCREASE COAL OUTPUT TARGET THIS YEAR - JAKARTA POST
The Energy and Mineral Resources Ministry is planning to increase its coal output target this year as the government seeks to offset the ongoing de ...
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- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Australian Coal Association
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
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