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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, 05 January 15
CFR SOUTH CHINA COAL SWAPS GAINED WEEK OVER WEEK, SGX DATA SHOWS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 2.50 (-4.02%) month over month and gained US$ 0.20 ( ...
Monday, 05 January 15
FIVE ENERGY SURPRISES FOR 2015: THE POSSIBLE AND THE IMPROBABLE - KURT COBB
The coming year is likely to be as full of surprises in the field of energy as 2014 was. We just don't know which surprises! I am not predictin ...
Monday, 05 January 15
THE SHIPPING MARKET IN 2014 AND LOOKING FORWARD - BIMCO
2014 started with plenty of optimism for a considerably better global economy and an improved shipping market. Things turned out somewhat different ...
Monday, 05 January 15
API 5 FOB NEWCASTLE COAL SWAP FOR Q1'15 DELIVERY CLOSED US$ 0.45 HIGHER COMPARED TO Q2'15 CLOSING
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 0.60 per MT (-1.15%) month over month and gained US$ 0.02 (+0.04%) ...
Sunday, 04 January 15
BALTIC DRY INDEX CONTINUES ITS DECLINE IN 2015
Wish you all a very Happy New Year 2015. The last report was dated 19th Dec 2014 and due to Christmas and new year holidays no reports were publish ...
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- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
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