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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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Wednesday, 21 January 15
PANAMAX MARKET MOVED SIDEWAYS OVERALL LAST WEEK - INTERMODAL
COALspot.com: The positive sentiment in which the week prior ended carried on through-out last week as well, the end of which marked the first posi ...
Wednesday, 21 January 15
SHIFT IN INTERNATIONAL COAL TRADE TO THE PACIFIC BASIN WILL CONTINUE - IMF
COALspot.com: The shift in international coal trade to the Pacific Basin will continue, IMF said in its latest Medium-Term Coal Market Report.
...
Wednesday, 21 January 15
MARKET INSIGHT - VASSILIS LOGOTHETIS, INTERMODAL
The World Bank has lowered its forecast for global growth in 2015 to 3% down from its previous level of 3.4% amid rising concerns over the economic ...
Wednesday, 21 January 15
THERMAL COAL PRICE OUTLOOK DEPENDENT ON INDIAN IMPORT DEMAND - MATTHEW BOYLE, CRU
COALspot.com: Supply and demand side developments in India will be an important determinant of future market dynamics and prices for thermal coal a ...
Wednesday, 21 January 15
PORT OF NEWCASTLE COAL EXPORTS JUMP 16.19% ON MONTH TO 15.80 MIL MT IN DECEMBER' 14
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.136 billi ...
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- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
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