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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, 02 February 15
INDONESIA'S ADARO ENERGY PRODUCED 56.21 MILLION TONNES OF COAL IN 2014; UP 8% Y-O-Y
COALspot.com: PT. Adaro Energy, Indonesia’s largest coal producer, has increased coal production by 8% to 56.21 million tonnes (Mt) from both ...
Monday, 02 February 15
API 8 CFR SOUTH CHINA COAL SWAP PICKS UP W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.81 (-1.36%) per MT month over month and gained US$ 0.18&nb ...
Monday, 02 February 15
SOUTH KOREA'S KOMIPO INVITES BIDS FOR 280K MT OF SUB-BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 280,000 MT of Sub-bituminous coal coa ...
Sunday, 01 February 15
INDONESIA-TO-INDIA COAL FREIGHT RATES REMAIN WEAK NEXT WEEK
COALspot.com: The BDI continued its fall reached lowest levels since 1986 this week.
The BDI declined 15.55 pct to 608 points on Friday 30, Ja ...
Friday, 30 January 15
CONTANGO AND TANKERS - SKULD
KNOWLEDGE TO ELEVATE
Like an invitation to a dance, the word contango may have some people flustered, but for tanker owners this market phenome ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- The University of Queensland
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
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