-
Market insight By Christopher T. Whitty Marketing Manager -
Harbour Towage & Port Agency Cotzias Intermodal Shipping
Inc.
China is the world's largest consumer of coal, using more coal
each year than the United States, the European Union, and Japan
combined. Coal pow-er has been the dominant source of energy used
to fuel the rapid economic development of China in the past two
decades, with significant impact on its physical environment and
human population. China relies on coal power for approximately
70-80% of its energy, with 45% used for the industrial sector and
the remainder used to generate electricity. Nevertheless, China has
been slowly entering into a new era where clean-fuel policies and
new regu-lations are being implemented.
China burns half of the worlds coal and has caused more than
half of total CO2 growth globally for the past decade, and many
believe that the reversal in coal use may represent a significant
progress in slowing down climate change. According to the China
Electricity Council, utilization rates at Chinas thermal power
plants fired by coal, natural gas and oil, are set to fall further
this year. Beijing is aiming to raise the share of non-fossil fuels
in primary energy use to 15% in 2020, up from 11.2%last year.
Lower coal use is already evident in China with power companies
using a greater mix of hydro, nuclear and renewable options,
especially wind. Chi-nas coal imports fell 11% in 2014 compared to
the previous year, the first annual decline in at least a decade.
Lignite, thermal and metallurgical coal, hit a 43-month low of
16.78 million mt in January, falling 53.2% year on year the seventh
consecutive year-on-year decline and the biggest decline in the
past 15 years.
The Australian and Indonesian coal exporters are obviously
focusing on the worlds largest consumer of the fuel and they also
have to deal with the quality checks under the new ash and Sulphur
restrictions. As a result of this uncertainty, some are even
holding back shipments to China.
Australian coal, which is considered the benchmark for Asia,
slumped 30% last year and dropped below $60/tonne this month, the
lowest level since May 2007. With both imports and prices of the
commodity falling further and unless something changes dramatically
in the future, it looks like coal will lose its position in the
fossil fuel markets. As a result, freight rates for Panamaxes and
Kamsarmaxes will most likely continue to be adversely affected.
Some say that the Indian market will still exhibit wide scale
demand for the continued importing of coal at a large scale but, on
the other hand, they will never push up prices. Indian power plants
have their own limitations and they are not free to pass any rise
in coal prices through to consumers. Still, in Indian East Coast
ports coal stockpiles are rising up to record levels and the power
plants are only buying as much as required from these huge
re-serves in major ports. Coal stocks at 16 main Indian ports were
at 16.48 million metric tons as of March 20, whereas at the end of
March last year, coal stocks were a mere 7.7 million metric
tons.
From our side we can only hope that Asian countries and mainly
China will continue to depend on coal at least for the next couple
of years. It should take considerable time for Chinas transition to
more clean sources of ener-gy to run its power plants. But on top
of that we would also like to see the price of the commodity at
sustainable levels that can support the industry and consequently
demand for seaborne trade.
Chartering (Wet: Stable + / Dry: Soft - )
The Dry Bulk market has faced another week of increasing
pressure, with Capesize performance still weighed down by weak
market funda-mentals. The BDI closed today (07/04/2015) at 583
points, down by 5 points compared to Thursdays levels (02/04/2015)
and a decrease of 19 points compared to previous Tuesdays closing
(31/03/2015). Steady Middle East activity continues to support the
crude carriers market to-gether with strong Asian demand. The BDTI
Thursday (02/04/2015) was at 795 points, a decrease of 16 points
and the BCTI at 665, a decrease of 6 points compared to previous
Thursdays (26/03/2015) levels.
Sale & Purchase (Wet: Stable- / Dry: Stable- )
The heavily discounted asset prices over at the Dry Bulk sector
continue to attract exceptionally high buying interest, while MR
tonnage remains popular amongst tanker sales candidates. On the
tanker side, we had the sale of the CLIO (112,723dwt-blt 08,
China), which was sold to German owner, TB Marine-Hamburg for a
price in the region of $33.5m. On the dry bulker side we had the
sale of the HOUHENG 2 (179,929dwt-blt 11, Philippines), which was
reported being sold to Bel-gian owner, Cobelfret for a price in the
region of $30.5m.
Newbuilding (Wet: Stable- / Dry: Stable-)
Activity in the newbuilding market sustained its volumes from
the week prior, while it remained once again mostly concentrated
around tankers where fundamentals remain in favour of those looking
to invest in the sector. We reiterate our expectation that despite
the spark of increased ordering activity for tankers we dont see
newbuilding prices moving up at least until the spark becomes a
full on trend that could allow yards to request for significant
premiums for their slots.. On the other hand the situation in the
dry bulk sector remains sluggish with only a limited num-ber of
orders being concluded for a third consecutive month since the
beginning of the year. As we mentioned last week orders for the
bigger size segments has pretty much halted with no signs of a
reversal due anytime soon. At the same time the number of
containership orders that is coming in light is revealing a much
better environment for the long battered sector, which seems to be
slowly achieving a better mar-ket supported by the normalization of
the world trade. In terms of re-cently reported deals, Greek owner,
Unisea, placed an order for two firm plus two optional Aframaxes
(115,000dwt) at Samsung , in S. Korea, with delivery set in
2017.
Demolition (Wet: Firm+ / Dry: Firm+ )
In our previous report we pointed out how things in the
demolition mar-ket had finally started to improve and it seems that
last week sentiment managed to remain upbeat. Despite the lower
activity volume, which is greatly attributed to the Easter
holidays, demo markets in the currently appear that are due to gain
some further ground in the following days as well, albeit this
improvement will most probably come at a fairly slow pace rather
than in fast price moves. Most of the action took place in
Bangladesh and Pakistan last week, while offerings for wet tonnage
managed to surpass $400/ldt following a couple of months of
trending below that level. Bids coming out of India also ticked up
last week and we wait that business will resume at a faster pace in
the country in the following days as well. The improved demo prices
are also expected to lure to the breaking yards and even greater
number of vintage dry bulk vessels, as owners previously
contemplating the idea of scrapping due to the plummeting of demo
prices, might shortly feel more encouraged at these improved
levels. Prices this week for wet tonnage were at around 230-405
$/ldt and dry units received about 215-390 $/ldt.
Weekly Market Report
Issue: Week 14 | Tuesday 7th April 2015
-
Intermodal Research 07/04/2015 2
2014 2013
WS
points$/day
WS
points$/day $/day $/day
265k MEG-JAPAN 52.0 51,042 51 47,080 8.4% 30,469 21,133
280k MEG-USG 27.0 30,159 27 29,890 0.9% 17,173 7,132
260k WAF-USG 64 60,617 64 59,960 1.1% 40,541 26,890
130k MED-MED 90 49,563 87.5 46,385 6.9% 30,950 17,714
130k WAF-USAC 88 45,196 84 41,853 8.0% 24,835 13,756
130k BSEA-MED 88 45,263 96 56,560 -20.0% 30,950 17,714
80k MEG-EAST 110 31,523 112.5 31,430 0.3% 19,956 11,945
80k MED-MED 102.5 33,409 122.5 41,318 -19.1% 28,344 13,622
80k UKC-UKC 115 33,719 95 23,261 45.0% 33,573 18,604
70k CARIBS-USG 192 56,947 180 52,470 8.5% 25,747 16,381
75k MEG-JAPAN 101.5 27,368 102.5 29,785 -8.1% 16,797 12,011
55k MEG-JAPAN 128.5 27,214 130 26,542 2.5% 14,461 12,117
37K UKC-USAC 140 17,322 157 22,735 -23.8% 10,689 11,048
30K MED-MED 179 28,356 170 25,536 11.0% 18,707 17,645
55K UKC-USG 110 21,953 115 23,820 -7.8% 23,723 14,941
55K MED-USG 112.5 21,963 115 22,020 -0.3% 21,089 12,642
50k CARIBS-USAC 150 27,781 130 23,529 18.1% 25,521 15,083
Vessel Routes
Week 14 Week 13$/day
%
Dir
tyA
fram
axC
lean
VLC
CSu
ezm
ax
Spot Rates
Apr-15 Mar-15 % 2014 2013 2012
300KT DH 81.0 81.0 0.0% 73.6 56.2 62.9
150KT DH 58.5 58.5 0.0% 50.2 40.1 44.9
110KT DH 45.0 45.0 0.0% 38.6 29.2 31.2
75KT DH 39.0 36.8 6.1% 32.8 28.0 26.7
52KT DH 25.0 25.0 0.0% 27.2 24.7 24.6
VLCC
Suezmax
Indicative Market Values ($ Million) - Tankers
Vessel 5yrs old
MR
Aframax
LR1
Chartering
As the price of oil moved back down last week, the crude
carriers market partly found support on cheaper bunkers in a week
that was expected to be quieter but has nonetheless finished off
with fairly steady activity in the Middle East region. Asian demand
seems to be currently the backbone be-hind strong the strong
business volumes we have been witnessing since the beginning of the
year, and despite any demand volatility witnessed in the second
half of March, Eastbound demand has overall remained strong and is
expected to remain such at least until the end of the month.
Rates for VLs closed off the week on a positive tone, with
steady demand in both the W. Africa and MEG regions, while ideas
for period activity revived a bit at the end of the week.
The positive sentiment in which the week prior ended for
Suezmaxes, man-aged to feed through last week as well, although the
second half of the week saw things slowing down a bit as holidays
in Europe and the US got in the way, while this current week has
also kicked off on a lightly negative tone.
Rates for Aframaxes were also pointing up on Friday, with those
for cross-Med voyages being the only negative exception in an
otherwise firming market, while both North Sea and Caribs continued
to witnessed increased enquiry throughout the week.
Sale & Purchase
In the Aframax sector we had the sale of the CLIO
(112,723dwt-blt 08, China), which was sold to German owner, TB
Marine-Hamburg for a price in the region of $33.5m.
In the MR sector we had the sale of the ALGA (37,538dwt-blt 12,
S.Korea), which was sold to Maersk for $27.3m.
Wet Market
Indicative Period Charters
- 6mos - 'PRIDE' 2000 307,000 dwt
- - $34,000/day - Core
-12 mos - 'NAVE GALACTIC ' 2009 297,000 dwt
- - $30,000/day+profit share - Shell
20
70
120
170
220
WS
po
ints
DIRTY - WS RATESTD3 TD4 TD6 TD9
Week 14 Week 13 % Diff 2014 2013
300k 1yr TC 40,000 40,000 0.0% 0 28,346 20,087
300k 3yr TC 41,000 41,000 0.0% 0 30,383 23,594
150k 1yr TC 33,000 33,000 0.0% 0 22,942 16,264
150k 3yr TC 33,000 33,000 0.0% 0 24,613 18,296
110k 1yr TC 23,000 23,000 0.0% 0 17,769 13,534
110k 3yr TC 23,000 23,000 0.0% 0 19,229 15,248
75k 1yr TC 21,500 21,500 0.0% 0 16,135 15,221
75k 3yr TC 19,000 18,500 2.7% 500 16,666 15,729
52k 1yr TC 15,500 15,500 0.0% 0 14,889 14,591
52k 3yr TC 15,000 15,000 0.0% 0 15,604 15,263
36k 1yr TC 14,000 14,000 0.0% 0 14,024 13,298
36k 3yr TC 14,000 14,000 0.0% 0 14,878 13,907
Panamax
MR
Handy
size
TC Rates
$/day
VLCC
Suezmax
Aframax
6080
100120140160180200220240
WS
po
ints
CLEAN - WS RATESTC1 TC2 TC5 TC6
-
Intermodal Research 07/04/2015 3
0500
1,0001,5002,0002,5003,0003,5004,0004,500
Ind
ex
Baltic Indices
BCI BPI BSI BHSI BDI
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000$
/da
y
Average T/C Rates
AVR 4TC BCI AVR 4TC BPI AVR 5TC BSI AVR 6TC BHSI
Chartering
The Dry Bulk market seems unable to catch a break these days.
Following
the market stabilization that preceded last week, lack of
fundamentals to
push the market forward was once more evident across the board,
while
despite the fact that the days leading to the Eastern holidays
boosted rates
in some cases, it seems that the negative sentiment remains too
strong to
shake off. Period enquiry remained healthy last week, but in
most cases
charterers ideas were at a discount compared to last dones, with
owners
seeming ready to accept these new lower levels even for longer
term con-
tracts.
The Capesize segment remains the weakest link in the market,
while de-
spite the slight increase in activity that was noted last week,
this hardly
changed sentiment, with owners in search of cover before the
holidays
accepting further discounted levels, while period ideas were
also under
pressure.
Despite the negative week on week closing, the Panamax market
was quite
busier towards the end of the week as charterers and owners
sought to
conclude business before the start of the Easter long weekend.
Activity in
East Coast South America also started to pick up once again,
which eventu-
ally led to improved numbers, while period activity also
remained healthy in
volumes .
Rates for the smaller size segments, aligned with the overall
market senti-
ment, but have once more managed to hold much better off
compared to
the non-geared sizes, with a slight optimistic feeling
persisting until Friday
and despite the slow start to the week.
Sale & Purchase
In the Capesize sector, we had the sale of the HOUHENG 2
(179,929dwt-
blt 11, Philippines), which was reported being sold to Belgian
owner, Cobel-
fret for a price in the region of $30.5m.
In the Kamsarmax sector we had the sale of the PRABHU MOHINI
(81,340dwt-blt 11, S.Korea), which was sold to Greek owner,
Chartworld Shipping, for a price in the region of $17.2m.
Apr-15 Mar-15 % 2014 2013 2012
180k 35.5 35.6 -0.4% 47.3 35.8 34.6
76K 17.5 17.6 -0.7% 24.5 21.3 22.7
56k 18.0 18.6 -3.4% 24.7 21.5 23.0
30K 14.0 14.0 0.0% 19.5 18.2 18.2
Capesize
Panamax
Supramax
Indicative Market Values ($ Million) - Bulk Carriers
Vessel 5 yrs old
Handysize
Indicative Period Charters
- 7 to 10 mos - 'LORD BYRON ' 2005 76,838dwt
- Busan 01/05 Apr - $ 7,250/day -SwissMarine
- 10 to 15 mos - 'CHINA PEACE' 2005 174,713 dwt
- Qingdao prompt - $ 9,000/day -Edf
Dry Market
Index $/day Index $/day Index Index
BDI 588 596 -8 1,097 1,205
BCI 454 $4,218 456 $4,290 -2 -1.7% 1,943 2,106
BPI 589 $4,708 597 $4,778 -8 -1.5% 960 1,186
BSI 636 $6,654 647 $6,768 -11 -1.7% 937 983
BHSI 386 $5,740 390 $5,780 -4 -0.7% 522 562
27/03/2015
Baltic IndicesWeek 14
03/04/2015Week 13
Point
Diff
2014 2013$/day%
170K 6mnt TC 7,750 8,000 -3.1% -250 22,020 17,625
170K 1yr TC 9,250 9,500 -2.6% -250 21,921 15,959
170K 3yr TC 11,000 11,250 -2.2% -250 21,097 16,599
76K 6mnt TC 7,750 7,750 0.0% 0 12,300 12,224
76K 1yr TC 7,750 7,750 0.0% 0 12,259 10,300
76K 3yr TC 8,750 9,000 -2.8% -250 13,244 10,317
55K 6mnt TC 7,750 8,000 -3.1% -250 12,008 11,565
55K 1yr TC 8,000 8,250 -3.0% -250 11,589 10,234
55K 3yr TC 8,250 8,500 -2.9% -250 11,585 10,482
30K 6mnt TC 6,750 6,750 0.0% 0 9,113 8,244
30K 1yr TC 7,000 7,250 -3.4% -250 9,226 8,309
30K 3yr TC 7,250 7,750 -6.5% -500 9,541 8,926Han
dys
ize
Period
2013
Pan
amax
Sup
ram
ax
Week
14
Week
13
Cap
esi
ze
2014$/day % Diff
-
Intermodal Research 07/04/2015 4
Secondhand Sales
Name Dwt Built Yard M/E SS due Gear Price Buyers Comments
BRONCO 7,301 1998 HAKATA, Japan Mitsubishi Feb-183 X 30t
DERRICKS$ 1.8m undisclosed
ALTONA 1 4,413 1984ELSFLETHER AG,
GermanyDeutz Jul -17 undisclosed undisclosed
MPP/General Cargo
Size Name Dwt Built Yard M/E SS due Hull Price Buyers
Comments
AFRA CLIO 112,723 2008
NEW TIMES
SHIPBUILDING,
China
MAN-B&W Aug-18 DH $ 33.5m
German (TB
Marine-
Hamburg)
incl back to back 2-yr
TC to Shell at
$22,500/day
MR 4 x STX JINHAE 49,000 2016 STX, S. Korea MAN-B&W DH $
39.5m
MR4 x Hyundai
Mipo37,000 2015
HYUNDAI MIPO, S.
KoreaDH $ 29.8m
MR ALGA 37,538 2012HYUNDAI MIPO
DOCKYARD, S. KoreaMAN-B&W Oct-17 DH $ 27.3m Danish
(Maersk)
MR FAOUET 36,939 2005HYUNDAI MIPO
DOCKYARD, S. KoreaB&W Apr-15 DH $ 16.2m
Greek
(Thenamaris )old sa le
PROD/
CHEMMAEMI 19,859 2008
FUKUOKA FUKUOKA,
JapanMAN-B&W Mar-18 DH $ 24.0m European
PROD/
CHEMLIQUID GOLD 13,754 1999
JIANGNAN
SHIPYARD GROU,
China
B&W DH $ 4.5m undisclosedat auction in
Singapore
SMALL CRYSTALWATER 2,684 1997BREKO,
NetherlandsDeutz Apr-17 DH undisclosed Norwegian
incl. BB back to Navig8
for 15 years with
purchase option
Tankers
Norwegian
(Ocean Yield
ASA)
-
Intermodal Research 07/04/2015 5
Secondhand Sales
Size Name Dwt Built Yard M/E SS due Gear Price Buyers
Comments
CAPE HOUHENG 2 179,929 2011HHIC-PHIL INC,
Phi l ippinesMAN-B&W Aug-16 $ 30.0m
Belgian
(Cobel fret)
CAPE ONOE 172,572 2000NKK CORP - TSU,
JapanMAN-B&W Oct-15 $ 9.5m
CAPE CHITOSE 171,199 2000KOYO MIHARA,
JapanB&W Oct-17 $ 9.5m
KMAX UNITY PRIDE 81,393 2011
HYUNDAI SAMHO
HEAVY IN, S.
Korea
MAN-B&W Nov-16 $ 17.7m Greeks (Aeolos)
KMAX PRABHU MOHINI 81,340 2011HYUNDAI HEAVY
INDS - U, S. KoreaMAN-B&W Aug-16 $ 17.2m
Greek
(Chartworld
Shipping)
PMAX DEWI LAKSMI 76,000 2011
GUANGZHOU
HUANGPU SHIP,
China
MAN-B&W Aug-16 $ 12.5mGreek (Sea
Traders )
PMAXBLUE MONT
BLANC74,043 1998
HASHIHAMA
SHBLDG - TAD,
Japan
B&W Jun-17 $ 6.0m Greek
UMAX SBI THALIA 63,500 2016
CHENGXI
SHIPYARD CO LT,
China
MAN-B&W4 X 30t
CRANES$ 24.5m Greek
SMAX GLOBAL WIND 53,026 2003
OSHIMA
SHIPBUILDING,
Japan
Mitsubishi Apr-184 X 30t
CRANES$ 9.0m Indones ian
previous deal to
Greeks Fa i led
HMAX AMBER HALO 45,292 1995
OSHIMA
SHIPBUILDING,
Japan
Mitsubishi Jul -154 X 30t
CRANES$ 3.9m undisclosed
HANDY INDIGO OCEAN 28,749 2008IMABARI
IMABARI, JapanMAN-B&W Apr-18
4 X 30,5t
CRANES$ 9.1m undisclosed
HANDY STONES 28,115 2001SIETAS KG,
GermanyMaK Jan-16 $ 18.5m North American sel f-unloading
HANDY ECO VOYAGER 28,000 2015I-S SHIPYARD CO
LTD, MAN-B&W Jan-20
4 X 30,5t
CRANESundisclosed Greek
HANDY KOTSIKAS 27,359 1996HANJIN HI CO LTD -
ULS, S. KoreaB&W Apr-16
4 X 30t
CRANES$ 3.9m Syrian
HANDY AQUA RUNNER 24,110 1997SHANGHAI
SHIPYARD, ChinaSulzer Mar-13
4 X 30t
CRANES$ 2.9m undisclosed
SMALL CENTURY PEARL 16,394 2008SHIN KOCHI,
JapanMitsubishi Jun-18
4 X 30t
CRANESundisclosed USA based
Bulk Carriers
Greek
-
Intermodal Research 07/04/2015 6
Activity in the newbuilding market sustained its volumes from
the week pri-or, while it remained once again mostly concentrated
around tankers where fundamentals remain in favour of those looking
to invest in the sector. We reiterate our expectation that despite
the spark of increased ordering activity for tankers we dont see
newbuilding prices moving up at least until the spark becomes a
full on trend that could allow yards to request for signifi-cant
premiums for their slots.. On the other hand the situation in the
dry bulk sector remains sluggish with only a limited number of
orders being con-cluded for a third consecutive month since the
beginning of the year. As we mentioned last week orders for the
bigger size segments has pretty much halted with no signs of a
reversal due anytime soon. At the same time the number of
containership orders that is coming in light is revealing a much
better environment for the long battered sector, which seems to be
slowly achieving a better market supported by the normalization of
the world trade.
In terms of recently reported deals, Greek owner, Unisea, placed
an order for two firm plus two optional Aframaxes (115,000dwt) at
Samsung , in S. Korea, with delivery set in 2017.
Newbuilding Market
20
60
100
140
180
mil
lion
$
Tankers Newbuilding Prices (m$)
VLCC Suezmax Aframax LR1 MR
Week
14
Week
13% 2014 2013 2012
Capesize 180k 52.5 52.5 0.0% 55.8 49 47
Kamsarmax 82k 29.0 29.0 0.0% 30.4 27 28
Panamax 77k 28.5 28.5 0.0% 29.2 26 27
Ultramax 63k 26.0 26.0 0.0% 27 25 25
Handysize 38k 22.0 22.0 0.0% 23 21 22
VLCC 300k 96.5 96.5 0.0% 98.6 91 96
Suezmax 160k 65.0 65.0 0.0% 65 56 58
Aframax 115k 53.5 53.5 0.0% 54 48 50
LR1 75k 46.0 46.0 0.0% 45.9 41 42
MR 50k 36.5 36.5 0.0% 36.9 34 34
190.0 190.0 0.0% 186.0 185 186
78.0 78.0 0.0% 78.4 71 71
68.5 68.0 0.7% 66.9 63 62
46.5 46.0 1.1% 44.3 41 44
LNG 160k cbm
LGC LPG 80k cbm
MGC LPG 55k cbm
SGC LPG 25k cbm
Gas
Bu
lke
rsTa
nke
rs
Vessel
Indicative Newbuilding Prices (million$)
10
30
50
70
90
110
mil
lion
$Bulk Carriers Newbuilding Prices (m$)
Capesize Panamax Supramax Handysize
Units Type Yard Delivery Buyer Price Comments
2+2 Tanker 115,000 dwt Samsung, S. Korea 2017 Greek (Unisea)
undisclosed
2 Tanker 20,000 dwt Kitanihon, Japan 2016Singaporean
(Eastern
Pacific)undisclosed chemical
2 Tanker 13,000 dwt Wuchang S. B., China 2016 Chinese (COSCOL) $
26.3masphalt/bitumen
carriers
2 Bulker 38,000 dwt AVIC Weihai, China 2016 German (MST -
Mineralien) $ 22.0m Ice 1 C
6+6 Container 21,100 teu Samsung, S. Korea 2017 Hong Kong based
(OOCL) $ 158.6m
3 Container 20,600 teu Hanjin, Philippines Q32017 French (CMA
CGM) $ 145.0m
4 Container 20,150 teu Samsung, S. Korea 2017 Japanese (Mitsui
OSK) $ 155.0molder deal surfacing
now
Newbuilding Orders Size
-
Intermodal Research 07/04/2015 7
In our previous report we pointed out how things in the
demolition market had finally started to improve and it seems that
last week sentiment man-aged to remain upbeat. Despite the lower
activity volume, which is greatly attributed to the Easter
holidays, demo markets in the currently appear that are due to gain
some further ground in the following days as well, albeit this
improvement will most probably come at a fairly slow pace rather
than in fast price moves. Most of the action took place in
Bangladesh and Pakistan last week, while offerings for wet tonnage
managed to surpass $400/ldt fol-lowing a couple of months of
trending below that level. Bids coming out of India also ticked up
last week and we wait that business will resume at a faster pace in
the country in the following days as well. The improved demo prices
are also expected to lure to the breaking yards and even greater
num-ber of vintage dry bulk vessels, as owners previously
contemplating the idea of scrapping due to the plummeting of demo
prices, might shortly feel more encouraged at these improved
levels. Prices this week for wet tonnage were at around 230-405
$/ldt and dry units received about 215-390 $/ldt.
The highest price amongst recently reported deals, was that paid
by Bangla-deshi breakers for the Capesize OCEAN DRAGON
(151,049dwt-17,987ldt-blt 95) that received a price of
$425/ldt.
Demolition Market
Week
14
Week
13% 2014 2013 2012
Bangladesh 400 395 1.3% 469 422 440
India 400 395 1.3% 478 426 445
Pakistan 405 405 0.0% 471 423 444
China 230 230 0.0% 313 365 384
Bangladesh 390 380 2.6% 451 402 414
India 380 375 1.3% 459 405 419
Pakistan 380 380 0.0% 449 401 416
China 215 215 0.0% 297 350 365
Dry
Indicative Demolition Prices ($/ldt)
Markets
We
t
200
250
300
350
400
450
500
550
$/l
dt
Wet Demolition Prices
Bangladesh India Pakistan China
200
250
300
350
400
450
500
550
$/ld
t
Dry Demolition Prices
Bangladesh India Pakistan China
Name Size Ldt Built Yard Type $/ldt Breakers Comments
OCEAN DRAGON 151,049 17,987 1995NKK CORP - TSU,
JapanBULKER $ 425/Ldt Bangladeshi incl. 800T ROB
MERRY TRANS 40,698 10,188 1985NKK CORP -
TSURUMI - Y, JapanBULKER $ 410/Ldt Bangladeshi
KONSTANTINOS A 71,550 10,110 1995HITACHI ZOSEN -
MAIZUR, JapanBULKER $ 405/Ldt Pakistani
NATS EMPEROR 38,300 8,539 1987 SETENAVE, Portugal BULKER $
410/Ldt Bangladeshi
ARMIA LUDOWA 33,640 8,421 1987A WARSKIEGO
STOCZNIA, PolandBULKER $ 400/Ldt Bangladeshi
LIAN HUA 34,560 6,940 1984MITSUBISHI KOBE,
JapanBULKER $ 395/Ldt Pakistani
Demolition Sales
-
The information contained in this report has been obtained from
various sources, as reported in the market. Intermodal Shipbrokers
Co. believes such information to be factual and reliable without
mak-ing guarantees regarding its accuracy or completeness. Whilst
every care has been taken in the production of the above review, no
liability can be accepted for any loss or damage incurred in any
way whatsoever by any person who may seek to rely on the
information and views contained in this material. This report is
being produced for the internal use of the intended recipients only
and no re-producing is allowed, without the prior written
authorization of Intermodal Shipbrokers Co.
Compiled by Intermodal Research & Valuations Department |
[email protected] Ms. Eva Tzima | [email protected]
Mr. Vassilis Logothetis | [email protected]
Finance News
PE swap at Marquette
Private equity firm BDT Capital Partners has acquired a majority
stake in US tug operator Marquette Trans-portation Co. The stake
was acquired from fellow private equity firm KRG Capital Partners
for an undis-closed amount. However, earlier this year Reuters had
reported that Marquette had been exploring a sale worth a potential
$1bn. Minority shares in the company include chief executive John
Eckstein, other members of the Eckstein family and Marquette
man-agement.
Marquette has built its industry-leading position by investing
in a world class fleet and providing excellent customer service,
said John Eckstein. Our long-term capital will provide a solid
foundation and long run-way to pursue a number of exciting growth
initia-tives.
We met the BDT team as we were beginning to think about a
capital partner for the next 10+ years. We were attracted to their
long investment horizon and their strategic approach to partnering
with me and the Marquette management team.
BDT chief executive Byron Trott commented: Our long-term capital
will provide a solid foundation and long runway to pursue a number
of exciting growth initiatives. Virginia-based investment bank
Harris Williams & Co acted as the exclusive financial advisor
to Marquette Transportation.
Bank of America Merrill Lynch, PNC Bank National Association,
and Wells Fargo Capital Finance acted as joint lead arrangers for a
senior secured credit facili-ty; Bank of America Merrill Lynch also
acted as ad-ministrative agent for the facility. (Dale Wainwright,
Trade Winds)
Commodities & Ship Finance
3-Apr-15 2-Apr-15 1-Apr-15 31-Mar-15 30-Mar-15W-O-W
Change %
10year US Bond 1.850 1.920 1.870 1.940 1.960 -5.1%
S&P 500 2,066.96 2,066.96 2,059.69 2,067.89 2,086.24
0.3%
Nasdaq 4,886.94 4,886.94 4,880.23 4,900.88 4,947.44 -0.1%
Dow Jones 17,763.24 17,763.24 17,698.18 17,776.12 17,976.31
0.3%
FTSE 100 6,833.46 6,833.46 6,809.50 6,773.04 6,891.43 -0.3%
FTSE All-Share UK 3,696.03 3,696.03 3,680.45 3,663.58 3,719.43
-0.2%
CAC40 5,074.14 5,074.14 5,062.22 5,033.64 5,083.52 0.8%
Xetra Dax 11,967.39 11,967.39 12,001.38 11,966.17 12,086.01
-1.0%
Nikkei 19,435.08 19,312.79 19,034.84 19,206.99 19,411.40
0.1%
Hang Seng 25,275.64 25,275.64 25,082.75 24,900.89 24,855.12
3.2%
DJ US Maritime 242.81 242.81 244.98 246.35 242.87 1.1%
$ / 1.09 1.09 1.08 1.07 1.08 0.0%
$ / 1.49 1.48 1.48 1.48 1.48 0.3%
/ $ 120.14 119.70 119.59 120.00 120.02 0.8%
$ / NoK 0.13 0.13 0.12 0.12 0.12 -0.4%
Yuan / $ 6.15 6.21 6.20 6.20 6.21 -1.0%
Won / $ 1,085.95 1,092.35 1,100.05 1,109.10 1,107.50 -1.6%
$ INDEX 86.63 87.23 87.70 87.94 87.57 -0.5%
Market Data
Cu
rre
nci
es
Sto
ck E
xch
ange
Dat
a
1,100
1,150
1,200
1,250
1,300
1,350
40
45
50
55
60
65
goldoil
Basic Commodities Weekly Summary
Oil WTI $ Oil Brent $ Gold $
3-Apr-15 27-Mar-15W-O-W
Change %
Rotterdam 513.0 527.0 -2.7%
Houston 590.5 586.5 0.7%
Singapore 522.0 532.5 -2.0%
Rotterdam 286.5 306.5 -6.5%
Houston 294.5 309.5 -4.8%
Singapore 307.5 337.5 -8.9%
Bunker Prices
MD
O3
80
cst
CompanyStock
ExchangeCurr. 03-Apr-15 27-Mar-15
W-O-W
Change %
AEGEAN MARINE PETROL NTWK NYSE USD 13.98 13.97 0.1%
BALTIC TRADING NYSE USD 1.51 1.47 2.7%
BOX SHIPS INC NYSE USD 0.85 0.87 -2.3%
CAPITAL PRODUCT PARTNERS LP NASDAQ USD 9.73 9.29 4.7%
COSTAMARE INC NYSE USD 17.51 17.98 -2.6%
DANAOS CORPORATION NYSE USD 6.40 6.50 -1.5%
DIANA SHIPPING NYSE USD 6.08 6.28 -3.2%
DRYSHIPS INC NASDAQ USD 0.75 0.83 -9.6%
EAGLE BULK SHIPPING NASDAQ USD 8.72 8.02 8.7%
EUROSEAS LTD. NASDAQ USD 0.71 0.71 0.0%
FREESEAS INC NASDAQ USD 0.04 0.05 -20.0%
GLOBUS MARITIME LIMITED NASDAQ USD 1.30 1.29 0.8%
GOLDENPORT HOLDINGS INC LONDON GBX 123.58 123.71 -0.1%
HELLENIC CARRIERS LIMITED LONDON GBX 15.00 18.00 -16.7%
NAVIOS MARITIME ACQUISITIONS NYSE USD 3.86 3.50 10.3%
NAVIOS MARITIME HOLDINGS NYSE USD 4.11 4.25 -3.3%
NAVIOS MARITIME PARTNERS LP NYSE USD 11.54 11.08 4.2%
PARAGON SHIPPING INC. NYSE USD 0.90 1.00 -10.0%
SAFE BULKERS INC NYSE USD 3.55 3.55 0.0%
SEANERGY MARITIME HOLDINGS CORP NASDAQ USD 0.74 0.76 -2.6%
STAR BULK CARRIERS CORP NASDAQ USD 3.58 3.56 0.6%
STEALTHGAS INC NASDAQ USD 6.53 6.68 -2.2%
TSAKOS ENERGY NAVIGATION NYSE USD 8.63 8.22 5.0%
TOP SHIPS INC NASDAQ USD 1.14 1.03 10.7%
Maritime Stock Data
-
Intermodal Shipbrokers Co
9
07/04/2015
Select Price in US$
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