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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, 12 February 15
DRY BULK OWNERS SCRAP MORE VESSELS, AS MARKET REACHES HISTORICAL LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has reached historical lows this week, with the Baltic Dry Index (BDI) now trading at levels below operating expense levels for ...
Thursday, 12 February 15
INDONESIAN COAL PRICE REFERENCE INCHED DOWN 1.44% IN FEBRUARY
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 62.92 pe ...
Thursday, 12 February 15
NEWBUILDING ORDERING ACTIVITY DRAGS ON, AS OWNERS ARE LOOKING FOR LOWER PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners appear to be waiting for lower prices in their dealings with Asian shipyards, as the dry bulk market is at historical lows. According t ...
Wednesday, 11 February 15
DRY BULK MARKET REMAINED UNDER PRESSURE : STABILIZING CAPE MARKET HARDLY HELPED SENTIMENT
COALspot.com: The Dry Bulk market remained under pressure last week, while the stabilizing Cape market hardly helped sentiment.
Greece based s ...
Wednesday, 11 February 15
BDI HITTING THE ALL-TIME LOW; FFA MARKETS NOT SHOWING ANY POSITIVE SIGNS
With the BDI hitting the all-time low and with FFA markets not showing any positive signs for a possible recovery in the near future, pessimism is ...
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- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Planning Commission, India
- Aditya Birla Group - India
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- The University of Queensland
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Parliament of New Zealand
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
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