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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, 30 December 14
INDIA INC TO BENEFIT AS IMPORTED COAL PRICES SET TO FALL - RAHUL PRITHIANI
The Hindu: India‘s coal import volumes are set to rise by over 30 per cent over the next two years to 214 million tonnes in 2015-16, as domes ...
Tuesday, 30 December 14
U.S WEEKLY COAL PRODUCTION ALMOST FLAT AT -0.2%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Monday, 29 December 14
CHINESE COAL IMPORTS: REGULATORY RISKS? - CLARKSONS
In recent years, Chinese seaborne coal imports have surged, registering average growth of 67% p.a. between 2009 and 2013 to total 265mt. However, t ...
Monday, 29 December 14
BULK MARKET ENDS YEAR ON SOUR NOTE, SHIPBROKER SEES 'BUMPY ROAD AHEAD' - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
2014 was supposed to be the year that the dry bulk market would stage a comeback and a sustainable one for that matter. However, while for the most ...
Monday, 29 December 14
Q1'15 CFR SOUTH CHINA COAL SWAP CLOSED AT $59.42
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.51 (-5.58%) month over month and US$ 0.08 (-0.13%) ...
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- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- White Energy Company Limited
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
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