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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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Friday, 26 December 14
SHIPS FACE LOWER SULPHUR FUEL REQUIREMENTS IN EMISSION CONTROL AREAS FROM 1 JANUARY 2015 - IMO
Ships trading in designated emission control areas will have to use on board fuel oil with a sulphur content of no more than 0.10% from 1 January 2 ...
Wednesday, 24 December 14
CAPE DEMAND WAS STILL EXTREMELY SOFT THIS PAST WEEK ACROSS BOTH BASINS - INTERMODAL
COALspot.com: The performance of the Dry Bulk market, which found itself in desperate search of support for yet another week, has left very little ...
Wednesday, 24 December 14
MARKET INSIGHT - JOHN N. COTZIAS, INTERMODAL SNP BROKER
The year is coming to an end, and we should be able to assess if this was a good year, a bad year, or even a lousy one? The answer clearly de ...
Tuesday, 23 December 14
Q1'15 FOB INDONESIA COAL SWAP GAINED 48 CENTS IN ONE WEEK
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and gained week over week and day on day.
The Q1 swap has lo ...
Tuesday, 23 December 14
Q4'15 FOB RICHARDS BAY COAL SWAPS FALL $ 3.85 IN A MONTH
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 2.13 (-3.17%) month on month ...
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- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Planning Commission, India
- Central Electricity Authority - India
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- The University of Queensland
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- White Energy Company Limited
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
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