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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.
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Thursday, 08 May 14
'TRIAL BY MEDIA, TRIAL BY LAW' - A REPORT FROM TRACK 1 OF BIMCO'S ANNUAL CONFERENCE DUBAI 2014
KNOWLEDGE TO ELEVATE
Aiming to bring a very different type of event into their annual conference, BIMCO presented ‘Double Jeopardy &n ...
Thursday, 08 May 14
INDONESIAN COAL PRICE REFERENCE IN MAY CRASHES THROUGH $74
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised down again the coal bench mark price by US$ 1.21 / MT to ...
Wednesday, 07 May 14
THE DRY BULK MARKET HAS NOTED ANOTHER WEEKLY POSITIVE GAIN
Chartering (Wet: Softer- / Dry: Stable+)
The Dry Bulk market has noted another weekly positive gain, driven by the Capesize segment, but we ne ...
Wednesday, 07 May 14
SGX ENHANCES ITS COMMODITIES PRODUCT OFFERING
COALspot.com: SGX is building up its bulk commodity product offerings with 9 more derivative contracts over the next 2 months, subject to regula ...
Tuesday, 06 May 14
NEWCASTLE COAL EXPORT SLIPS 7.92% WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 5 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland ...
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- Planning Commission, India
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- GMR Energy Limited - India
- SMG Consultants - Indonesia
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