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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, 10 February 15
IRON ORE MARKET TO REMAIN OVERSUPPLIED IN 2015: PRICE FORECAST $70/T - WOOD MACKENZIE
COALspot.com: With January witnessing the price of iron ore falling to its lowest levels since May 2009, Roger Emslie, Principal Metals & ...
Tuesday, 10 February 15
SUB-BIT FOB INDONESIA COAL SWAP ADVANCES 3.79% WEEK ON WEEK
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap up US$ 0.85 (+1.81%) month o ...
Tuesday, 10 February 15
FOB NEWCASTLE COAL SWAPS SURGE WEEK OVER WEEK, RAISING HOPES?
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 0.95 per MT (+1.91%) week over week and declined US$ 0.06 (-0.12%) ...
Monday, 09 February 15
AUSTRALIAN COAL PRODUCERS BEST POSITIONED IN OVERSUPPLIED MARKET; US MINES MOST AT RISK - WOOD MACKENZIE
In a 2015 global coal outlook report, Wood Mackenzie says that Australia and Indonesian coal suppliers will see some upside in the difficult months ...
Monday, 09 February 15
FOB RICHARDS BAY COAL SWAP GAINS 3.65% TO ONE-MONTH HIGH
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and day on day.
The Q2 swap has soared US$ 2.1 ...
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- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Australian Coal Association
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- VISA Power Limited - India
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
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