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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, 19 January 15
FOB RICHARDS BAY COAL SWAP FOR Q4 DELIVERY CLOSED 4% LOWER THAN Q1 DELIVERY PRICE
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and week over week.
The Q1 swap has f ...
Sunday, 18 January 15
INDONESIA TO INDIA SUPRAMAX FREIGHT RATES ARE EXPECTED TO REMAIN WEAK NEXT WEEK
COALspot.com: The BDI was up 4.51 pct week on week on Friday 16, January 2015. The BDI closed at 741 points on this Friday after gaining arou ...
Friday, 16 January 15
U.S. WEEKLY COAL PRODUCTION UP 7.3% W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
Thursday, 15 January 15
PANAMAX : MARKET CONTINUE ON LOW PACE - FEARNLEYS
Handy
On a general basis we can say that rates are softening in both hemispheres. Although for some specific trades we can see premiums being ach ...
Thursday, 15 January 15
LOW CASH COSTS, GOOD LIQUIDITY HELP ASIAN OIL COMPANIES IN PRICE ROUT - FITCH
Fitch Ratings says that rated oil and gas production companies in Asia can comfortably operate under low oil prices for some time given their gener ...
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- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- VISA Power Limited - India
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
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