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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, 07 January 15
FUEL EFFICIENT SHIPS MAKE LESS SENSE IN LOWER BUNKER PRICE MARKET, BUT FUEL COSTS ARE BOUND TO RISE AGAIN
The shipping industry entered 2015 on mixed emotions, as a relatively buoyant tanker market is met by a rather lackluster dry bulk market. Still, a ...
Wednesday, 07 January 15
2015 IS RIDDLED WITH CHALLENGES FOR THE SHIPPING SECTOR, MOST NOTABLY THE DRY BULK MARKET - HELLENIC SHIPPING NEWS
As the new year has now set foot for real, many are still looking to detect what’s in store for the various shipping markets, with the first ...
Tuesday, 06 January 15
SHIPPING MUST ADOPT CAN-DO ATTITUDE IN 2015 - MOORE STEPHENS
Shipping needs to adopt a can-do attitude in order to successfully meet the challenges which are likely to come its way in 2015.
Shipping part ...
Tuesday, 06 January 15
Q4' 15 FOB INDONESIA COAL SWAP CLOSED 1.81% HIGHER COMPARED TO Q1' 15 CLOSING
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 0.74 (-1.51%) m ...
Tuesday, 06 January 15
FOB RICHARDS BAY COAL SWAPS LOST W-O-W AND M-O-M, SGX DATA SHOWS
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 3.52 (-5. ...
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- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Planning Commission, India
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
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