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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, 26 January 15
API 8 CFR SOUTH CHINA COAL SWAP CONTINUE TO SLIDE M-O-M; ROSE W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.79 (-1.33%) per MT month over month and gained US$ 2.10&nb ...
Sunday, 25 January 15
PANAMAX FREIGHT RATES STILL FALLING
COALspot.com: The BDI was slightly down this week to 720 points. The BDI lost 2.83 pct week on week.
The cape index continued its upward trend ...
Friday, 23 January 15
U.S. WEEKLY COAL PRODUCTION FOR WEEK ENDING JAN. 17 UP 2.5%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.4 million short tons (mmst) of coal ...
Thursday, 22 January 15
PANAMAX: A SOFTER TONE AND OVERALL A SLUGGISH MARKET - FEARNLEYS
Handy
The handy and supra market has experienced yet another week with slow activity and softening rates in both hemispheres, broker Fearnleys AS ...
Thursday, 22 January 15
BUMI RESOURCES POSTS NET INCOME OF $13.3 MILLION 9M-2014
COALspot.com: Bumi Resources, Indonesia’s largest coal miner, reported today that, the company has recorded a net income of $13.3 million for ...
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- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Planning Commission, India
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Aditya Birla Group - India
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
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