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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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Tuesday, 13 January 15
MORE PITFALLS FOR OWNERS LOOKING TO TERMINATE FOR UNPAID HIRE - INCE & CO
KNOWLEDGE TO ELEVATE
It is a debatable point whether or not the obligation to pay hire under a time charter is a condition of the contract or ...
Tuesday, 13 January 15
Q2 CFR SOUTH CHINA COAL SWAP DECLINED 8.66% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined by US$ 3.48 (-5.73%) month over month and US$ 2.35 (-3.94%) week ...
Tuesday, 13 January 15
Q1' 2015 RICHARDS BAY COAL SWAP SLIGHTLY HIGHER THAN Q2 & Q4 2015 SWAPS
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 7.21 ...
Monday, 12 January 15
COAL: LOW PRICES ARE EXPECTED TO DRIVE A SUPPLY-DRIVEN RECOVERY IN THE MEDIUM TERM - SGX
COALspot.com: Thermal coal prices dropped to six-year lows in 2014 driven by persistent oversupply, SGX says in its “ Commodities 2014 - A ye ...
Monday, 12 January 15
FREIGHT MARKET: 2015 FLEET SUPPLY GROWTH IS EXPECTED TO REMAIN SLIGHTLY AHEAD OF CARGO GROWTH - SGX
COALspot.com: The dry bulk freight market was forced to digest a number of negatives in 2014 leading the Baltic Dry Index to fall 66% through the y ...
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- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Wilmar Investment Holdings
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
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