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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, 29 December 14
SGX'S FOB NEWCASTLE COAL SWAPS IMPROVED W-O-W, LOST M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.44 per MT (-2.73%) month over month and gained US$ 0.36 (+0.71%) ...
Friday, 26 December 14
SHIPS FACE LOWER SULPHUR FUEL REQUIREMENTS IN EMISSION CONTROL AREAS FROM 1 JANUARY 2015 - IMO
Ships trading in designated emission control areas will have to use on board fuel oil with a sulphur content of no more than 0.10% from 1 January 2 ...
Wednesday, 24 December 14
CAPE DEMAND WAS STILL EXTREMELY SOFT THIS PAST WEEK ACROSS BOTH BASINS - INTERMODAL
COALspot.com: The performance of the Dry Bulk market, which found itself in desperate search of support for yet another week, has left very little ...
Wednesday, 24 December 14
MARKET INSIGHT - JOHN N. COTZIAS, INTERMODAL SNP BROKER
The year is coming to an end, and we should be able to assess if this was a good year, a bad year, or even a lousy one? The answer clearly de ...
Tuesday, 23 December 14
Q1'15 FOB INDONESIA COAL SWAP GAINED 48 CENTS IN ONE WEEK
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and gained week over week and day on day.
The Q1 swap has lo ...
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- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Planning Commission, India
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
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