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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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Sunday, 15 February 15
BALTIC DRY INDEX CONTINUALLY DIPPED IN RED
COALspot.com: The Baltic Dry Index continues its decline and fell 5.18 pct to 530 points week on week due to falling commodity prices and declining ...
Saturday, 14 February 15
SHALE GAS AND TIGHT OIL ARE COMMERCIALLY PRODUCED IN JUST FOUR COUNTRIES - EIA
KNOWLEDGE TO ELEVATE
The United States, Canada, China, and Argentina are currently the only four countries in the world that are producing com ...
Friday, 13 February 15
U.S. WEEKLY COAL PRODUCTION SHOWS 10% DECLINE
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.1 million short tons (mmst) of coal ...
Friday, 13 February 15
SMALL AND MEDIUM-SIZED SHIP OWNERS SQUEEZED OUT OF THE MARKET ON CRASHING DRY BULK MARKET AND EUROZONE CRISIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Financing issues have started to tighten the noose in the throats of small and medium-size ship owners, who were already facing problems over the p ...
Thursday, 12 February 15
CAPESIZE: THE BEST DESCRIPTION FOR THE MARKET IS, FLAT - FEARNRESEARCH
Handy
The handy and supra market is also being affected by the marginal volume of activity in the commodity sales. We see a small upturn in the T ...
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- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Australian Coal Association
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- The University of Queensland
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
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