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Wednesday, 26 February 14
SMALLER SIZE SEGMENTS HOLDING ON TO THEIR LEVELS; CAPES CORRECTING UPWARDS - INTERMODAL
Chartering (Wet: Stable- / Dry: Stable+)
The Dry Bulk market continued to improve this past week, on the back of rates for the smaller size segments holding on to their levels and those for Capes correcting upwards, while the spill-overs of the improved sentiment have yet to affect the Panamax market. The BDI closed today (25/02/2014) at 1,197 points, up by 23 points compared to yesterday’s levels (24/02/2014) and an increase of 51 points compared to previous Tuesday’s closing (18/02/2014). Rates for VLs stalled a bit as charterers took their time with the March schedule, while the rest of the crude carriers market enjoyed improvements positionally. The BDTI Monday (24/02/2014), was at 753 points, a decrease of 49 points and the BCTI at 606, an increase of 10 points compared to the previous Monday (17/02/2014).
Sale & Purchase (Wet: Stable+ / Dry: Stable+)
SnP activity has slowed down slightly this week, but at the same time second-hand prices remain on the rise while there is still plenty of buying interest to be found in the market. On the tankers side, we had the sale of the NICHIHIKO” (281,705dwt-blt 99, Japan), which was reported sold to Chinese buyer for a price of US$ 25.2m. On the dry bulker side, we had the sale of the “TRITON STORK” (56,024dwt-blt 04, Japan), which was also picked for a price of xs US$ 21.0m.
New building (Wet: Stable+ / Dry: Stable+)
Following a couple of weeks of stalling, newbuilding prices are on the rise again. With the average prices for all segments in the dry bulker and tanker sectors standing well above the average of both 2013 and 2012, it is interesting to make a couple of comparisons to the last time prices had reached these levels. Looking at Capes, the last time a new building was quoted at $ 56.0m was in January of 2011 when the average freight rate for the segment stood at around $ 10,000/day, almost identical to where it stands today. The last time a VL new building required $ 98.5m was around the end of 2011 when the average rate was in the $ 35,000/day region, which also coincides to today's levels. In hindsight, prices back then proved overinflated to the performance of the market but hopefully fundamentals are stronger this time around as the direction of the market has been upwards and not downwards as it was back in 2011 and two years down the line we won’t be looking back in 2014 as another time of over-excitement. In terms of new orders, Awilco AS has placed an order for two VLCCs (320,000dwt) at Daewoo, in S. Korea, for a price of $ 97.0m each and delivery set in 2016.
Demolition (Wet: Stable- / Dry: Stable-)
The demolition market is still reigned by Indian breakers, who currently appear to have ousted the rest of the competition from the race of securing demo candidates. As a matter of fact, with the exception of a couple of vessels, the rest of the deals reported this past week appear to have ended up in Indian hands. Breakers in the country have been enjoying the stability of the local currency, which posted its biggest winning streak against the US Dollar in the past couple of months after strengthening for three days in a row to this morning. At the time domestic steel mills have been preparing for another price hike, fact which offers further assertion to breakers operating in the country that their bids have been moving towards the right direction. While Bangladesh has managed to keep its prices stable, China and Pakistan appear to have no intention to compete at these high levels, with the former allowing for the gap between themselves and India to climb to over 120 $/ldt. Average prices this week for wet tonnage were at around 340-470$/ldt and dry units received about 330-460$/ldt.
Compiled by:
Intermodal Research & Valuations | research@intermodal.gr
Analysts:
Mr. George Lazaridis | g.lazaridis@intermodal.gr
Ms. Eva Tzima | e.tzima@intermodal.gr
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. 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 making 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.
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Thursday, 27 February 14
SHIPPING LOANS WORTH $5 BILLION HAVE CHANGED HANDS OVER THE PAST YEAR, AS FUNDS INVEST IN SHIPPING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Funds investing in shipping has been the "talk of the town" over the past couple of years, as institutional investors, private equity and ...
Thursday, 27 February 14
NEWCASTLE COAL EXPORTS SLIP 26.68 PERCENT WEEK ON WEEK
COALspot.com: In the week ended 24 February 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2. ...
Tuesday, 25 February 14
GBCE, A COAL UPGRADING TECHNOLOGY DEVELOPER, APPOINTS RICHARD BULMAN AS PROJECT DIRECTOR
Press Release: GB Clean Energy Ltd. (GBCE) announced today the appointment of Richard Bulman as Project Director. In this capacity Mr. Bulman ...
Tuesday, 25 February 14
ULTRAMAXES ARE THE 'WEAPON OF CHOICE' FOR DRY BULK SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's been a busy start in 2014, as the first month of the year was a rather active in terms of second hand vessel purchases and newbuilding orderin ...
Tuesday, 25 February 14
SGX'S MONTHLY VOLUMES DRASTICALLY INCREASED AND REACHED A RECORD OF 810K TONNES YEAR-ON-YEAR
COALspot.com: SGX Thermal Coal derivatives started the new year with record volumes in January on the back of higher volatility, says SGX.
Accord ...
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- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- The University of Queensland
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Planning Commission, India
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
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