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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, 13 January 15
MORE PITFALLS FOR OWNERS LOOKING TO TERMINATE FOR UNPAID HIRE - INCE & CO
KNOWLEDGE TO ELEVATE
It is a debatable point whether or not the obligation to pay hire under a time charter is a condition of the contract or ...
Tuesday, 13 January 15
Q2 CFR SOUTH CHINA COAL SWAP DECLINED 8.66% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined by US$ 3.48 (-5.73%) month over month and US$ 2.35 (-3.94%) week ...
Tuesday, 13 January 15
Q1' 2015 RICHARDS BAY COAL SWAP SLIGHTLY HIGHER THAN Q2 & Q4 2015 SWAPS
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 7.21 ...
Monday, 12 January 15
COAL: LOW PRICES ARE EXPECTED TO DRIVE A SUPPLY-DRIVEN RECOVERY IN THE MEDIUM TERM - SGX
COALspot.com: Thermal coal prices dropped to six-year lows in 2014 driven by persistent oversupply, SGX says in its “ Commodities 2014 - A ye ...
Monday, 12 January 15
FREIGHT MARKET: 2015 FLEET SUPPLY GROWTH IS EXPECTED TO REMAIN SLIGHTLY AHEAD OF CARGO GROWTH - SGX
COALspot.com: The dry bulk freight market was forced to digest a number of negatives in 2014 leading the Baltic Dry Index to fall 66% through the y ...
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- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
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