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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 21 February 14
INDONESIA PLAN TO CAP COAL OUTPUT AND HIKE ROYALTY; START MUSIC
COALspot.com: Energy and Mineral Resources Ministy of Indonesia is planning to increase the royalty for coal miners particularly for Mining Business ...
Friday, 21 February 14
THE WORLD'S SECOND LARGEST COAL MINER MINED 19.2 MMST OF COAL IN A WEEK, EIA SAYS
COALspot.com – United States the world’s second largest coal producer, mined approximately 19.2 million short tons (mmst) of coal in a w ...
Friday, 21 February 14
DRY BULK MARKET SHOWS SIGNS OF LIFE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has slowly started to emerge from the downfall it's been since the start of the year, as rates have began to pick up over the c ...
Friday, 21 February 14
INDONESIA COAL OUTPUT CAP TO HURT MINERS RELIANT ON VOLUME GROWTH, FITCH SAYS
Fitch Ratings says that the credit profiles of mining sub-contractors and miners highly reliant on increasing volumes to support high debt servicing w ...
Thursday, 20 February 14
LENGTHY DELAYS TO PANAMA CANAL EXPANSION POSE GLOBAL TRADE RISKS; US COAL PRODUCERS TO GREATLY BENEFIT ONCE COMPLETE, SAYS WOOD MACKENZIE
Wood Mackenzie expects the recent cost overrun disputes around the Panama Canal expansion to be resolved with limited disruption due to the signific ...
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- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Aditya Birla Group - India
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
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