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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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Wednesday, 21 January 15
PANAMAX MARKET MOVED SIDEWAYS OVERALL LAST WEEK - INTERMODAL
COALspot.com: The positive sentiment in which the week prior ended carried on through-out last week as well, the end of which marked the first posi ...
Wednesday, 21 January 15
SHIFT IN INTERNATIONAL COAL TRADE TO THE PACIFIC BASIN WILL CONTINUE - IMF
COALspot.com: The shift in international coal trade to the Pacific Basin will continue, IMF said in its latest Medium-Term Coal Market Report.
...
Wednesday, 21 January 15
MARKET INSIGHT - VASSILIS LOGOTHETIS, INTERMODAL
The World Bank has lowered its forecast for global growth in 2015 to 3% down from its previous level of 3.4% amid rising concerns over the economic ...
Wednesday, 21 January 15
THERMAL COAL PRICE OUTLOOK DEPENDENT ON INDIAN IMPORT DEMAND - MATTHEW BOYLE, CRU
COALspot.com: Supply and demand side developments in India will be an important determinant of future market dynamics and prices for thermal coal a ...
Wednesday, 21 January 15
PORT OF NEWCASTLE COAL EXPORTS JUMP 16.19% ON MONTH TO 15.80 MIL MT IN DECEMBER' 14
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.136 billi ...
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- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Australian Coal Association
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
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