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Wednesday, 30 April 14
FREIGHT MARKET FOR DRY BULKERS STILL REMAINS WEAK - INTERMODAL
 One week after the Easter holiday and the celebration for the resurrection of Christ, everybody expected to see a similar sign of a revival in the market too, or hoped for at least a small positive correction, however, so far, it seems that this is not something that will happen anytime soon.
While the freight market for dry bulkers still remains weak, additional issues are weighing on rates as well; one of them being the recently reported difficulties faced by most of the top Shandong Soybean importers to obtain L/Cs from the banks, which drove them to cancel a number of contracts. It is also worth mentioning that, together with them, other private coal traders based in Guangdong seem to be facing similar difficulties in concluding import contracts as well.
The poor freight market has also been quickly affecting the activity in the SnP market, as compared to the last months we see less and less Buyers interested in acquiring second hand tonnage. At the same time, the few Buyers that are still inspecting are offering well below the levels of the last done sales. As a result, they either push Sellers to withdraw their ships from the market altogether or invite interested parties to a second round of inspections at a later port call, hopping to gain some time before the market starts improving again.
A good example of the above, is a Japanese controlled 2002 Imabari built Panamax vessel, which was on the market for sale, however rumours are saying that only two parties proceeded with an inspection and that the figures they offered were not even close to Sellers ideas, so Owners decided to keep her on the market and invite a second round of inspections. A similar case is that of a 2002 built Handymax , which was reported sold last week; however we understand that the vessel still remains free and Owners are once again inviting inspections at the next port call.
A similar case of downward pointing prices is also being witnessed in the resale market, where Owners, who had contracted their ships sometime during the beginning of 2013 at fairly low levels (compared to recent deals), tried to get advantage from the firming prices of the last months by selling their tonnage. As a result we witnessed an overwhelming amount of resale tonnage in the market, even by top quality shipyards, which caused an inevitable oversupply especially as Buyers started to step back from further purchases.
In the new building market we are seeing some slots opening, as it seems that certain Buyers didn't exercise their options, but these are only a few, especially for reputable shipyards, and new building prices currently appear fairly shielded by the bad performance of the market at this stage.
Unfortunately for Sellers, today’s market is not very promising and it seems that, if they do remain Sellers, they will have to compromise and drop their ideas, so that the sale price conforms to the current freight environment. On the other hand, if you are a Buyer today, this could possibly be the correction you have been waiting for to help you get back in the game before another round of firming second hand prices washes over the market 2013 style…
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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Monday, 12 May 14
TAIPOWER TO IMPORT AROUND 1 MMT OF SUB-BITUMINOUS COAL DURING AUGUST 2014 THROUGH NOVEMBER 2014
COALspot.com - Taiwan Power Company intends to procure 1.050 million tons of sub-bituminous coal for Taipower thermal power plant through open t ...
Monday, 12 May 14
DRY BULK MARKET IS STILL STRUGGLING TO FIND FIRM FOOTING
COALspot.com: The freight market continued to be weak and the BDI closed slightly lower at 997 points or fell 1.96 pct week on week. The cape in ...
Friday, 09 May 14
RBCT SHIPPED 5.4 MMT OF COAL IN APRIL
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest coal export terminal in the world, shipped 5.45 million to ...
Friday, 09 May 14
DRY BULK MARKET: BANKRUPTCY TONNAGE UNLEASHED
Drewry’s latest Dry Bulk Forecaster saw freight rates on most routes declined in 2014’s first quarter as the previous quarter’ ...
Friday, 09 May 14
UNITED STATES COAL PRODUCTION SLIGHTLY SLIDES TO 82.4 MMST IN APRIL
COALspot.com – United States the world's second largest coal producer, produced approximately 18.8 million short tons (mmst) of coal i ...
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- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- MS Steel International - UAE
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
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