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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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Monday, 09 February 15
Q2' CFR SOUTH CHINA COAL SWAP DECLINED 3.28% TO $ 56.92 W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 1.93 (-3.28%) per MT month over month and US$ 0.10 (-0 ...
Sunday, 08 February 15
BDI FELL CONTINUOUSLY HIT A THREE DECADES LOW
COALspot.com: This week Baltic Exchange Dry Freight Index (BDI) fell continuously hit a three decades low.
The BDI continuously fell and was d ...
Friday, 06 February 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 1.1% FROM LAST WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 20.1 million short tons (mmst) of coal ...
Friday, 06 February 15
SHIP DAMAGED BY FIRE CAUSED BY PIRATES FOUND TO BE CONSTRUCTIVE TOTAL LOSS - TAYLOR WESSING
KNOWLEDGE TO ELEVATE
The High Court was asked to determine a number of preliminary issues, including whether a vessel was a constructive total ...
Thursday, 05 February 15
BDI HAS NOW FALLEN A LEVEL CLOSE TO THE INDEX'S HISTORIC LOW - INTERMODAL
They say a picture is worth a thousand words and in this instance just one look at the tables above is enough to understand the great pressure the ...
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- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Planning Commission, India
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
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