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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, 05 January 15
CFR SOUTH CHINA COAL SWAPS GAINED WEEK OVER WEEK, SGX DATA SHOWS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 2.50 (-4.02%) month over month and gained US$ 0.20 ( ...
Monday, 05 January 15
FIVE ENERGY SURPRISES FOR 2015: THE POSSIBLE AND THE IMPROBABLE - KURT COBB
The coming year is likely to be as full of surprises in the field of energy as 2014 was. We just don't know which surprises! I am not predictin ...
Monday, 05 January 15
THE SHIPPING MARKET IN 2014 AND LOOKING FORWARD - BIMCO
2014 started with plenty of optimism for a considerably better global economy and an improved shipping market. Things turned out somewhat different ...
Monday, 05 January 15
API 5 FOB NEWCASTLE COAL SWAP FOR Q1'15 DELIVERY CLOSED US$ 0.45 HIGHER COMPARED TO Q2'15 CLOSING
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 0.60 per MT (-1.15%) month over month and gained US$ 0.02 (+0.04%) ...
Sunday, 04 January 15
BALTIC DRY INDEX CONTINUES ITS DECLINE IN 2015
Wish you all a very Happy New Year 2015. The last report was dated 19th Dec 2014 and due to Christmas and new year holidays no reports were publish ...
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- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- The University of Queensland
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Planning Commission, India
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
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