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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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Friday, 12 December 14
U.S WEEKLY COAL PRODUCTION UP 3.4% W/E DECEMBER 6
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.6 million short tons (mmst) of coal ...
Wednesday, 10 December 14
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS, INTERMODAL
COALspot.com: As 2014 is coming to an end, we look back to what has happened during the year and notice that SnP activity has been particularly sof ...
Wednesday, 10 December 14
WORLD HARD COAL MARKET 2014: PRODUCTION AND TRADE STAGNATING, IMPORTS TO GERMANY AND EUROPE ON THE DECLINE
Press Release: German Coal Importers Association (VDKi) criticizes regulations ordering reduction of CO2 emissions from coal-fired power plants as ...
Tuesday, 09 December 14
PRESSURE ON CHINA COAL MINERS TO CONTINUE DESPITE GOVERNMENT SUPPORT - FITCH
COALspot.com: Fitch Ratings says that Chinese coal mining companies will continue to be pressured by low prices, which will persist despite recent ...
Tuesday, 09 December 14
Q4' 2015, FOB INDONESIA COAL SWAP CLOSED AT $ 49.02 W/E 5 DEC
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 0.2 ...
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- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Goldman Sachs - Singapore
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
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