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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, 16 December 14
THIS PRICE IS A STEAL - EVA TZIMA
COALspot.com: Despite concerns that the slowdown of the Chinese economy would affect imports of iron ore, it seems that this has not been the case ...
Tuesday, 16 December 14
FOB RICHARDS BAY COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT US$ 65.60 PMT
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 0.18 (-0.27%) month on month ...
Tuesday, 16 December 14
SUB-BIT FOB INDONESIA COAL SWAP CONTINUES ITS FALL
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 1.7 ...
Monday, 15 December 14
WILL TANKERS BENEFIT FROM REEMERGENCE OF FLOATING STORAGE PLAYS? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The tanker market has been seeing high freight rates for some time now, riding on the back of low oil prices, which are boosting demand from develo ...
Monday, 15 December 14
INDONESIAN COAL PRICE REFERENCE CRASHES THROUGH $65
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in December. HBA for t ...
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- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Planning Commission, India
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Australian Coal Association
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- White Energy Company Limited
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- The University of Queensland
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
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