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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, 17 February 15
FOB SUB-BIT INDONESIA COAL SWAP UP 8% MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap up US$ 3.58 (+8.00%) month o ...
Tuesday, 17 February 15
Q2' FOB RICHARDS BAY COAL SWAP CLOSED AT $63.45; $ 1.85 HIGHER COMPARED TO Q4 CLOSING
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month, week on week and day on day.
The Q2 swap has ...
Monday, 16 February 15
COAL MINING SLUMP A BLESSING IN DISGUISE - THE JAKARTA POST
The growth of the coal-mining industry, which has diminished in the last two years, is expected to slump even further this year following weakening ...
Monday, 16 February 15
FOB NEWCASTLE COAL SWAPS SURGE WEEK ON WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 1.31 per MT (+2.59%) week over week and US$ 4.35 (+9.13%) month on ...
Monday, 16 February 15
Q2' 15 - CFR SOUTH CHINA COAL SWAP ROSE 5.22% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 2.88 (+5.22%) per MT month over month and US$ 1.08 (+1.90% ...
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- Star Paper Mills Limited - India
- Planning Commission, India
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- White Energy Company Limited
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