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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, 12 January 15
SHIPPING - CHALLENGES AND RESOLUTIONS - EVA TZIMA
Last year has without a doubt been another challenging one both for both our industry and our country. As Greece is currently dominated by election ...
Sunday, 11 January 15
BDI DECLINED 8% ON WEEK; BCI LOST 31%
COALspot.com: The BDI continued its decline in the first week of this year or lost 8 pct week over week. The BDI was closed at 709 points whi ...
Friday, 09 January 15
U.S. EASTERN SPOT STEAM COAL PRICES FELL IN 2014; ROSE IN WEST - EIA
U.S. Eastern spot steam coal prices declined in 2014 compared to 2013 levels because of a decline in steam coal exports.
According to U.S. Ene ...
Friday, 09 January 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 2.2% Y-O-Y
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.6 million short tons (mmst) of coal ...
Thursday, 08 January 15
INDONESIA PRESSES ON WITH HIGHER COAL ROYALTY FEE TO BOOST STATE REVENUE - JG
The Indonesian government is pressing on with its plan to raise the royalty charged to coal miners in order to increase state revenue, but the move ...
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- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- The University of Queensland
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
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