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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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- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
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