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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, 19 December 14
U.S WEEKLY COAL PRODUCTION REACHED APPROXIMATELY 19.8 MMST; UP 1.0% WOW
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Friday, 19 December 14
HANDY: SOFTER TONE; PANAMAX: QUIET WEEK; CAPESIZE; PAINFUL WEEK
Handy
A softer tone for rates and volumes for the Supras, perhaps less apparent in the Pacific the last week before the season holidays and good ...
Thursday, 18 December 14
INDONESIA TO REVISE UP COAL OUTPUT TARGET TO 460 MILLION TONS IN 2015
COALspot.com: Indonesian government has revised up its next year coal output forecast to 460 million tons from its previous forecast of 421 million ...
Wednesday, 17 December 14
CAPES RATES SLIPPED BELOW $5,600/DAY, FELL 84% YOY
COALspot.com: In the very rare occurrence when the BCI stands below the BDI, words to describe market sentiment are probably poor, said Intermodal ...
Wednesday, 17 December 14
MARKET INSIGHT - INTERMODAL SHANGHAI, SNP TEAM
As the end of the fourth quarter is approaching, we are all witness to the second hand market prices softening day by day. Any new deal surfacing t ...
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- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Australian Coal Association
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
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