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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, 14 January 15
DRY BULK MARKET NOTED ANOTHER WEEKLY DECLINE - INTERMODAL
COALspot.com: The Dry bulk market noted another weekly decline on Friday, with the performance of the Capesize market still weighing down on the re ...
Wednesday, 14 January 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
In Oil we trust! The Barrel price has declined by almost a third in comparison to the 2014 January and has being on the downhill since early last s ...
Wednesday, 14 January 15
COMMODITIES AREN'T PRIMED FOR A REBOUND DURING 2015: SHIPPING COULD BENEFIT FROM LOWER PRICES - ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In the recent past, higher commodity prices were driven by an increase in demand from developing countries, which spelled good news for ship owners ...
Wednesday, 14 January 15
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1 DELIVERY CLOSED AT US$ 46.97 PMT
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week.
The Q1 swap has fell US$ 1.53 (-3.15 ...
Wednesday, 14 January 15
Q4' 15 FOB NEWCASTLE COAL SWAP CLOSED 4.51% LOWER COMPARED TO Q1' 15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.56 per MT (-3.0%) month over month and US$ 1.03 (-2.0%) week ove ...
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- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- The University of Queensland
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- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Planning Commission, India
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
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- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- White Energy Company Limited
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
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