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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, 17 February 15
FOB SUB-BIT INDONESIA COAL SWAP UP 8% MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap up US$ 3.58 (+8.00%) month o ...
Tuesday, 17 February 15
Q2' FOB RICHARDS BAY COAL SWAP CLOSED AT $63.45; $ 1.85 HIGHER COMPARED TO Q4 CLOSING
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month, week on week and day on day.
The Q2 swap has ...
Monday, 16 February 15
COAL MINING SLUMP A BLESSING IN DISGUISE - THE JAKARTA POST
The growth of the coal-mining industry, which has diminished in the last two years, is expected to slump even further this year following weakening ...
Monday, 16 February 15
FOB NEWCASTLE COAL SWAPS SURGE WEEK ON WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 1.31 per MT (+2.59%) week over week and US$ 4.35 (+9.13%) month on ...
Monday, 16 February 15
Q2' 15 - CFR SOUTH CHINA COAL SWAP ROSE 5.22% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 2.88 (+5.22%) per MT month over month and US$ 1.08 (+1.90% ...
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- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
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