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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, 14 January 15
DRY BULK MARKET NOTED ANOTHER WEEKLY DECLINE - INTERMODAL
COALspot.com: The Dry bulk market noted another weekly decline on Friday, with the performance of the Capesize market still weighing down on the re ...
Wednesday, 14 January 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
In Oil we trust! The Barrel price has declined by almost a third in comparison to the 2014 January and has being on the downhill since early last s ...
Wednesday, 14 January 15
COMMODITIES AREN'T PRIMED FOR A REBOUND DURING 2015: SHIPPING COULD BENEFIT FROM LOWER PRICES - ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In the recent past, higher commodity prices were driven by an increase in demand from developing countries, which spelled good news for ship owners ...
Wednesday, 14 January 15
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1 DELIVERY CLOSED AT US$ 46.97 PMT
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week.
The Q1 swap has fell US$ 1.53 (-3.15 ...
Wednesday, 14 January 15
Q4' 15 FOB NEWCASTLE COAL SWAP CLOSED 4.51% LOWER COMPARED TO Q1' 15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.56 per MT (-3.0%) month over month and US$ 1.03 (-2.0%) week ove ...
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- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
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