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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, 10 February 15
IRON ORE MARKET TO REMAIN OVERSUPPLIED IN 2015: PRICE FORECAST $70/T - WOOD MACKENZIE
COALspot.com: With January witnessing the price of iron ore falling to its lowest levels since May 2009, Roger Emslie, Principal Metals & ...
Tuesday, 10 February 15
SUB-BIT FOB INDONESIA COAL SWAP ADVANCES 3.79% WEEK ON WEEK
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap up US$ 0.85 (+1.81%) month o ...
Tuesday, 10 February 15
FOB NEWCASTLE COAL SWAPS SURGE WEEK OVER WEEK, RAISING HOPES?
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 0.95 per MT (+1.91%) week over week and declined US$ 0.06 (-0.12%) ...
Monday, 09 February 15
AUSTRALIAN COAL PRODUCERS BEST POSITIONED IN OVERSUPPLIED MARKET; US MINES MOST AT RISK - WOOD MACKENZIE
In a 2015 global coal outlook report, Wood Mackenzie says that Australia and Indonesian coal suppliers will see some upside in the difficult months ...
Monday, 09 February 15
FOB RICHARDS BAY COAL SWAP GAINS 3.65% TO ONE-MONTH HIGH
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and day on day.
The Q2 swap has soared US$ 2.1 ...
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- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
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