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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, 30 December 14
INDIA INC TO BENEFIT AS IMPORTED COAL PRICES SET TO FALL - RAHUL PRITHIANI
The Hindu: India‘s coal import volumes are set to rise by over 30 per cent over the next two years to 214 million tonnes in 2015-16, as domes ...
Tuesday, 30 December 14
U.S WEEKLY COAL PRODUCTION ALMOST FLAT AT -0.2%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Monday, 29 December 14
CHINESE COAL IMPORTS: REGULATORY RISKS? - CLARKSONS
In recent years, Chinese seaborne coal imports have surged, registering average growth of 67% p.a. between 2009 and 2013 to total 265mt. However, t ...
Monday, 29 December 14
Q1'15 CFR SOUTH CHINA COAL SWAP CLOSED AT $59.42
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.51 (-5.58%) month over month and US$ 0.08 (-0.13%) ...
Monday, 29 December 14
SGX'S FOB NEWCASTLE COAL SWAPS IMPROVED W-O-W, LOST M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.44 per MT (-2.73%) month over month and gained US$ 0.36 (+0.71%) ...
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- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Australian Coal Association
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- VISA Power Limited - India
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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