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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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Friday, 20 February 15
U.S. PRODUCED AROUND 19.2 MILLION SHORT TONS OF COAL WEEK ON WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.2 million short tons (mmst) of coal ...
Thursday, 19 February 15
PANAMAX: NOPAC AND AUSSIE ROUNDS ARE DONE IN LOW/MID $ 4000; TRIPS VIA INDONESIA TO INDIA CLOSER TO THE $5000 MARK - FEARNLEYS
Handy
The handy and supra market has not seen any firming rates in front of the Chinese New Year and still suffering on low activity in both hemi ...
Wednesday, 18 February 15
DRY BULK SHIPPING TO RECOVER IN LATE 2015 - DREWRY MARITIME RESEARCH
Strong trade growth, moderating fleet development and deployment of new fuel efficient vessels are expected to lead to a recovery in dry bulk shipp ...
Tuesday, 17 February 15
WHO PAYS THE SUEZ CANAL FEES? - INCE & CO
KNOWLEDGE TO ELEVATE
This was an appeal from an arbitration award on a point of construction in relation to the wording of an addendum to a ch ...
Tuesday, 17 February 15
BUOYANT WAVES IN RECENT YEARS: GLOBAL SHIP INVESTMENT SINCE THE CRASH - HELLENIC SHIPPING NEWS
Anxiety about fleet expansion is a recurring feature of world shipping markets. Within the global maritime community, worries about the vast amount ...
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- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Central Electricity Authority - India
- CNBM International Corporation - China
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