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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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Thursday, 05 February 15
ULTRAMAX LEVELS FROM INDIA TO CHINA IN THE MID US$ 5000'S - FEARNLEYS AS
Handy
Despite the overall weak sentiment, there is a scent of optimism in the Atlantic market for ppt dates. Continent is still struggling with o ...
Wednesday, 04 February 15
MARKET INSIGHT - LINOS KOGEVINAS
It has been just about over 2 months since, in a move that surprised many and caused widespread apprehension, OPEC decided to maintain its producti ...
Tuesday, 03 February 15
Q1'15 FOB INDONESIA COAL SWAP CLOSED $ 3.29 HIGHER COMPARED TO Q4'15 DELIVERY PRICE
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 rose week over week and month on month.
The Q1 swap up US$ 0.68 (+1.41%) month o ...
Tuesday, 03 February 15
FOB NEWCASTLE COAL SWAP FOR Q4 DELIVERY CLOSED 5.86% LOWER THAN Q1 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery rose US$ 0.26 per MT (+0.51%) week over week and declined US$ 0.02 (-0.04%) ...
Monday, 02 February 15
API 4 FOB RICHARDS BAY COAL SWAP ROSE WEEK OVER WEEK
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and day on day.
The Q1 swap has decli ...
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Showing 3216 to 3220 news of total 6871 |
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- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
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