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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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Monday, 09 February 15
Q2' CFR SOUTH CHINA COAL SWAP DECLINED 3.28% TO $ 56.92 W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 1.93 (-3.28%) per MT month over month and US$ 0.10 (-0 ...
Sunday, 08 February 15
BDI FELL CONTINUOUSLY HIT A THREE DECADES LOW
COALspot.com: This week Baltic Exchange Dry Freight Index (BDI) fell continuously hit a three decades low.
The BDI continuously fell and was d ...
Friday, 06 February 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 1.1% FROM LAST WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 20.1 million short tons (mmst) of coal ...
Friday, 06 February 15
SHIP DAMAGED BY FIRE CAUSED BY PIRATES FOUND TO BE CONSTRUCTIVE TOTAL LOSS - TAYLOR WESSING
KNOWLEDGE TO ELEVATE
The High Court was asked to determine a number of preliminary issues, including whether a vessel was a constructive total ...
Thursday, 05 February 15
BDI HAS NOW FALLEN A LEVEL CLOSE TO THE INDEX'S HISTORIC LOW - INTERMODAL
They say a picture is worth a thousand words and in this instance just one look at the tables above is enough to understand the great pressure the ...
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- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Planning Commission, India
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
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