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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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- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- The University of Queensland
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- ASAPP Information Group - India
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- The Treasury - Australian Government
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
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