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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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Monday, 09 March 15
CHINA'S IMPORTS - NEVER MORE IMPORTANT TO SHIPPING? - CLARKSONS
Over the last 15 years China has led maritime forecasters a right old dance. In 2002, rumours that Chinese iron ore imports were about to take off ...
Sunday, 08 March 15
FREIGHT RATES FROM INDONESIA TO INDIA IS TRENDING UP
COALspot.com: The freight market continued to see gains this week and all the indices were rose except for Cape index. The BDI was increased 4.62 p ...
Friday, 06 March 15
BALTIC DRY INDEX: IS THIS POWERFUL INDICATOR SIGNALING A GLOBAL RECESSION? - STREET AUTHORITY
Although memories of the Great Recession linger, a case can be made that better days lie ahead.
That’s because central banks around the ...
Friday, 06 March 15
U.S. WEEKLY COAL PRODUCTION ROSE 3.5% WEEK ON WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.1 million short tons (mmst) of coal ...
Thursday, 05 March 15
PANAMAX : THE ATLANTIC ROUND IS NOW PAYING AROUND US$ 5K PER DAY
COALspot.com: Handy - The activity in the handy/supra segment is back. “ We see more fresh cargo in the market for 2nd half March dates ...
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- Star Paper Mills Limited - India
- MS Steel International - UAE
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Australian Coal Association
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
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