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