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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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Friday, 02 May 14
US WEEKLY COAL PRODUCTION RELATIVELY FLAT AT -0.1%, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.0 million short tons (mmst) of coal i ...
Friday, 02 May 14
DRY BULK MARKET SHOWING SIGNS OF COMEBACK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market which has been hovering below the 1,000-point market (BDI) during the past couple of weeks, could be exhibiting signs of a s ...
Thursday, 01 May 14
INDONESIA EXPORT BAN POINTS TO QUESTIONS OVER CHINA'S LONG-TERM BAUXITE SUPPLY - WOOD MACKENZIE
China’s Bauxite demand forecast to reach 240 million tonnes by 2030
In light of the Indonesian mineral ore ban that came into force o ...
Thursday, 01 May 14
DRY BULK MARKET STILL REELING UNDER PRESSURE FROM VARIOUS FACTORS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's revival is still overdue, as the industry's benchmark, the BDI is still lagging below the 1,000-point mark. In fac ...
Tuesday, 29 April 14
Q4 SUB-BIT INDONESIA COAL SWAP CLOSED US$ 1.07 HIGHER COMPARED TO Q2 DELIVERY PRICE
COALspot.com: Indonesian coal swaps for average Q2’ 2014 gain on month and on week according to AsiaClear OTC coal swap's reports rele ...
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- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- The University of Queensland
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
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