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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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Thursday, 05 March 15
INDIA WILL BE THE LARGEST DRIVER OF GLOBAL SEABORNE COKING COAL DEMAND GROWTH IN 2015 - WOOD MACKENZIE
Global demand growth will remain weak because of China’s negative demand growth.
COALspot.com: At Coaltrans India, Wood Mackenzie says I ...
Thursday, 05 March 15
BUKIT ASAM BOOKED US$ 1 BILLION REVENUE IN 2014
COALspot.com: Indonesian publicly listed and state owned coal miner PT. Bukit Asam, has announced that, the revenue of the company for the period J ...
Wednesday, 04 March 15
AN AGENDA FOR CHANGE - FITCH INDONESIA CONFERENCE
Fitch Indonesia Conference - 5 March 2015
Fitch Ratings will host its annual Indonesia conference on 5 March 2015.
The theme of this year ...
Wednesday, 04 March 15
KEEP CALM AND INVEST IN DRY - THEODORE NTALAKOS
Keep Calm and Carry On was originally a motivational poster, intended to raise the morale of the British public, produced by the British government ...
Tuesday, 03 March 15
INDONESIAN COAL EXPORT VOLUME TO DECLINE 50% BY 2019
COALspot.com: The Indonesian government is planning to reduce coal export volume by 50% within the next five years while keeping its coal productio ...
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- Parliament of New Zealand
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Minerals Council of Australia
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
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