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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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Monday, 15 December 14
CFR SOUTH CHINA COAL SWAP LOST $3.37 M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3,37 (-5.33%) month over month and US$ 1.58 (-2.57%) ...
Monday, 15 December 14
Q1' 15 FOB NEWCASTLE COAL SWAP CLOSED AT $ 51.45 ON 12 DEC
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.45 per MT (-2.74%) closed at US$ 51.45 on 12 December month over ...
Sunday, 14 December 14
FREIGHT RATES ARE EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The Baltic Dry Index (BDI), a measure of commodity-shipping costs, fell 12.12 pct to 863 points week ending 12 December 2014.
Th ...
Friday, 12 December 14
LIMITED TRADING AND AN OVERSUPPLY OF TONNAGE PUSHED HANDY SIZE SHIPS TO DOWN IN USG
Handy
We have seen the TA spot market come down this week lead by limited trading and an oversupply of tonnage in the USG, Fearnleys said in its ...
Friday, 12 December 14
U.S WEEKLY COAL PRODUCTION UP 3.4% W/E DECEMBER 6
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.6 million short tons (mmst) of coal ...
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- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
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