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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, 23 December 14
SHIPOWNERS ARE FINALIZING MORE DEALS AS YEAR END COMES CLOSER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS WORLDWIDE
With the 2014 year just a few days before waving goodbye, shipowners are looking to close their pending deals in both the newbuilding and S&P m ...
Monday, 22 December 14
Q2'15 CFR SOUTH CHINA COAL SWAP CLOSED $ 0.30 LOWER THAN Q1'15 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.67 (-5.81%) month over month and US$ 0.35 (-0.58%) ...
Monday, 22 December 14
API 5 FOB NEWCASTLE COAL SWAPS ARE HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.71 per MT (-3.24%) and closed at US$ 51.02 on 19 December month ...
Sunday, 21 December 14
PANAMAX COAL FREIGHT FROM INDONESIA TO INDIA FALLS FURTHER
COALspot.com: The BDI continued its fall as cape index lost heavily week on week.
The BDI was down 6.95 percent week over week and closed at 8 ...
Friday, 19 December 14
HOW WILL LOWER BUNKER PRICES AFFECT THE SUBSTANTIAL OVERCAPACITY IN DRY BULK MARKET? - BIMCO
As bunker fuel costs have come down from USD 600 per tonnes to USD 330 per tonnes in the past 6 months, much talk about increased ship speed have s ...
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- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- The University of Queensland
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
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