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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, 03 March 15
INDIAN THERMAL COAL IMPORTS: STEAMING FORWARD - CLARKSONS
Coal-fired power stations comprise around 60% of India’s power output, and with domestic supply issues and favourable international coal pric ...
Tuesday, 03 March 15
Q4' FOB INDONESIA COAL SWAP CLOSED 2% LOWER COMPARED TO Q2 CLOSING PRICE OF $ 47.47
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose month on month and declined week over week.
The Q2 swap increased US$ 2.24 ...
Tuesday, 03 March 15
FOB RICHARDS BAY COAL SWAPS: Q2 UP 9.60%; Q3 UP 9.75% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and week on week.
The Q2 swap has soared US$ 5 ...
Monday, 02 March 15
CFR SOUTH CHINA COAL SWAP FOR Q2 DELIVERY REACHED $ 57.50 PMT W/E 27 FEB 2015
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 1.37 (+2.44%) per MT month over month and declined US$ 0.42 ...
Monday, 02 March 15
BORYEONG POWER PLANT OF KOMIPO TO IMPORT 140K OF SUB-BITUMINOUS COAL FOR Q2
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids from coal producers, marketing companies, or traders to supply of 140,000 (70 ...
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- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- VISA Power Limited - India
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
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