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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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Friday, 30 January 15
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED 65.7 MMST
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.9 million short tons (mmst) of coal ...
Friday, 30 January 15
CAN BULKER CONVERSIONS SPOIL THE TANKER MARKET'S PARTY? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Oversupply of tonnage has always been in the back of the head of ship owners when it comes to taking advantage of favorable market conditions. As s ...
Thursday, 29 January 15
CHINA ENERGY DEMAND MUST BE REVIEWED DUE TO FUNDAMENTAL ECONOMIC CHANGES - WOOD MACKENZIE
New patterns emerging as energy demand growth decoupled significantly from GDP growth for the first time in 2014
Wood Mackenzie says 2014 was ...
Thursday, 29 January 15
CAPE MARKET IS STILL STRUGGLING WITH LOW DEMAND AND LOW COMMODITY PRICES
Handy
Supramax rates are heading south with slipping rates all across the block. USG activity is slow with mid-week levels in the mid 8.000s, Fea ...
Wednesday, 28 January 15
MARKET INSIGHT - STELIOS KOLLINTZAS
With most traders having returned to action from year end festivities, we have already seen signs of activity in the specialized product markets. L ...
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- The University of Queensland
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
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