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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, 20 January 15
INDIA TO SURPASS THE UNITED STATES AND BECOME THE SECOND-LARGEST COAL CONSUMER IN THE WORLD BY 2019 - IMF
COALspot.com: In 2013, coal added more primary energy than any other fuel and was the fastest-growing fossil fuel, enhancing its position as the se ...
Tuesday, 20 January 15
INDONESIAN COAL OUTPUT SEEN RISING, DESPITE FALL IN ITS PRICE
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week, but Indonesian Coal Output Seen Rising. T ...
Tuesday, 20 January 15
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY DECLINED 2.83% M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery declined US$ 1.45 per MT (-2.83%) month over month and US$ 0.50 (-0.99%) we ...
Monday, 19 January 15
HBA FALL TO FRESH LOWS; COAL OVERSUPPLY WILL CONTINUE TO PUSH PRICE DOWN
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 63.84. T ...
Monday, 19 January 15
CFR SOUTH CHINA COAL SWAPS REMAIN WEAK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 3.37 (-5.63%) per MT month over month and US$ 0.74 (-1.29%) ...
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- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Economic Council, Georgia
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
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