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Wednesday, 03 December 14
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
 The dry bulk market seems unable to turn sentiment round and is still looking for direction. The BCI's 887-point free fall last week had an obvious negative influence on the market, decelerating the “positive” movement of the other dry bulker segments. Although average freight rates have improved considerably compared to average levels of Q3, they are still well below expectations built up before the last quarter. It is clear by now that this bitter taste will usher us into the New Year as well. Under the current freight environment and with rates looking unable to bounce back up for longer periods, it seems that investment interest is scaling back currently.
In the New Building sector, the very strong 2013 in terms of orders and the equally strong beginning of this year as well, originally allowed Shipbuilders to become more relaxed as their slots were fully booked for 2015 and the 1st half of 2016. As the last quarter of 2014 is nearing to its end, the lack of demand for securing new slots and the increasing number of non-effective orders has changed sentiment dramatically though, pushing yards to become more accommodating in their price expectations and even offer substantial discounts in certain cases. As a matter of fact, Top Chinese shipyards are currently willing to offer Ultramax and Kamsarmax slots at USD 27.0m and USD 29.0m respectively, but even prices like that are considered too expensive to attract the attention of owners who could be considering a newbuilding order. In the same spirit, resale candidates are also facing lack of interest as the current freight market is not tempting enough for an owner to pay the premium.
At the same time, the downward correction of demolition prices during the past weeks by more than $50/$60 per long ton, has had an immediate effect on older assets, although given the highs demo prices reached this year, even after such corrections, the current levels of $430/$440 per long ton, offered in the Indian sub-Continent for dry bulk units are still relatively attractive. Therefore vessels built up to 1995 are currently in the market for scrap related prices, with small differentiations relative to their size, SS/DD position and delivery place. Tonnages built within the first decade of 2000 enjoy the most interest, while at the same time these vessels present heavily corrected prices, which are comparable to 2012 levels.
The softening of Japan’s currency has simultaneously brought additional sale candidates in the market, with buyers concentrating in modern Japanese built tonnage with the view that a quick profit could be locked by what looks like another mini-cycle in terms of asset values. As evidenced by the table above table, vessels prices are very close to bottom levels reached back in the December 2012 – January 2013 period, while the freight market has been fairing at better levels compared to that period, possibly implying opportunities to be found in the second-hand market.
By Konstantinos Kontomichis, SnP Broker, Intermodal
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
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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Tuesday, 10 March 15
OIL PRICE FORECASTING - IGNORE THE EXPERTS: COLIN MARSHALL
KNOWLEDGE TO ELEVATE
Experts put themselves on a pedestal, making claims to have special forecasting abilities for oil price trends. They, too ...
Tuesday, 10 March 15
FOB NEWCASTLE COAL SWAPS HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 0.24 per MT (-0.47%) month over month and US$ 1.52 (-2.93%) we ...
Tuesday, 10 March 15
CFR SOUTH CHINA POWER-STATION COAL SWAPS DECLINE
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery fell US$ 0.42 (-0.74%) per MT month over month and declined US$ 1.00 &nbs ...
Monday, 09 March 15
INDONESIA GREETS INDIA RATE CUT AS GOOD FOR EXPORTS - GLOBEASIA
Indonesian commodity producers and economists have hailed the Indian central bank’s rate cut as good for boosting exports from Southeast Asia ...
Monday, 09 March 15
CHINA'S SUPREME COURT ISSUES NEW JUDICIAL INTERPRETATION ON SHIP ARREST AND JUDICIAL SALE OF SHIPS - GARD
KNOWLEDGE TO ELEVATE
China is not traditionally a popular jurisdiction for ship arrest. However, Members and clients with ships calling at por ...
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- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
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