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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, 02 February 15
INDONESIA'S ADARO ENERGY PRODUCED 56.21 MILLION TONNES OF COAL IN 2014; UP 8% Y-O-Y
COALspot.com: PT. Adaro Energy, Indonesia’s largest coal producer, has increased coal production by 8% to 56.21 million tonnes (Mt) from both ...
Monday, 02 February 15
API 8 CFR SOUTH CHINA COAL SWAP PICKS UP W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.81 (-1.36%) per MT month over month and gained US$ 0.18&nb ...
Monday, 02 February 15
SOUTH KOREA'S KOMIPO INVITES BIDS FOR 280K MT OF SUB-BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 280,000 MT of Sub-bituminous coal coa ...
Sunday, 01 February 15
INDONESIA-TO-INDIA COAL FREIGHT RATES REMAIN WEAK NEXT WEEK
COALspot.com: The BDI continued its fall reached lowest levels since 1986 this week.
The BDI declined 15.55 pct to 608 points on Friday 30, Ja ...
Friday, 30 January 15
CONTANGO AND TANKERS - SKULD
KNOWLEDGE TO ELEVATE
Like an invitation to a dance, the word contango may have some people flustered, but for tanker owners this market phenome ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
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