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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, 26 January 15
API 8 CFR SOUTH CHINA COAL SWAP CONTINUE TO SLIDE M-O-M; ROSE W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.79 (-1.33%) per MT month over month and gained US$ 2.10&nb ...
Sunday, 25 January 15
PANAMAX FREIGHT RATES STILL FALLING
COALspot.com: The BDI was slightly down this week to 720 points. The BDI lost 2.83 pct week on week.
The cape index continued its upward trend ...
Friday, 23 January 15
U.S. WEEKLY COAL PRODUCTION FOR WEEK ENDING JAN. 17 UP 2.5%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.4 million short tons (mmst) of coal ...
Thursday, 22 January 15
PANAMAX: A SOFTER TONE AND OVERALL A SLUGGISH MARKET - FEARNLEYS
Handy
The handy and supra market has experienced yet another week with slow activity and softening rates in both hemispheres, broker Fearnleys AS ...
Thursday, 22 January 15
BUMI RESOURCES POSTS NET INCOME OF $13.3 MILLION 9M-2014
COALspot.com: Bumi Resources, Indonesia’s largest coal miner, reported today that, the company has recorded a net income of $13.3 million for ...
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- Marubeni Corporation - India
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
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