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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, 23 December 14
Q4'15 FOB RICHARDS BAY COAL SWAPS FALL $ 3.85 IN A MONTH
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 2.13 (-3.17%) month on month ...
Tuesday, 23 December 14
SHIPOWNERS ARE FINALIZING MORE DEALS AS YEAR END COMES CLOSER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS WORLDWIDE
With the 2014 year just a few days before waving goodbye, shipowners are looking to close their pending deals in both the newbuilding and S&P m ...
Monday, 22 December 14
Q2'15 CFR SOUTH CHINA COAL SWAP CLOSED $ 0.30 LOWER THAN Q1'15 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.67 (-5.81%) month over month and US$ 0.35 (-0.58%) ...
Monday, 22 December 14
API 5 FOB NEWCASTLE COAL SWAPS ARE HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.71 per MT (-3.24%) and closed at US$ 51.02 on 19 December month ...
Sunday, 21 December 14
PANAMAX COAL FREIGHT FROM INDONESIA TO INDIA FALLS FURTHER
COALspot.com: The BDI continued its fall as cape index lost heavily week on week.
The BDI was down 6.95 percent week over week and closed at 8 ...
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- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- The University of Queensland
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Indian Oil Corporation Limited
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