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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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Wednesday, 10 December 14
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS, INTERMODAL
COALspot.com: As 2014 is coming to an end, we look back to what has happened during the year and notice that SnP activity has been particularly sof ...
Wednesday, 10 December 14
WORLD HARD COAL MARKET 2014: PRODUCTION AND TRADE STAGNATING, IMPORTS TO GERMANY AND EUROPE ON THE DECLINE
Press Release: German Coal Importers Association (VDKi) criticizes regulations ordering reduction of CO2 emissions from coal-fired power plants as ...
Tuesday, 09 December 14
PRESSURE ON CHINA COAL MINERS TO CONTINUE DESPITE GOVERNMENT SUPPORT - FITCH
COALspot.com: Fitch Ratings says that Chinese coal mining companies will continue to be pressured by low prices, which will persist despite recent ...
Tuesday, 09 December 14
Q4' 2015, FOB INDONESIA COAL SWAP CLOSED AT $ 49.02 W/E 5 DEC
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$ 0.2 ...
Tuesday, 09 December 14
API 8 CFR SOUTH CHINA COAL SWAPS FELL 1.8% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.84 (-2.91%) month over month and US$ 0.95 (-1.52%) we ...
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- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- PTC India Limited - India
- GMR Energy Limited - India
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
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