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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, 09 December 14
API 8 CFR SOUTH CHINA COAL SWAPS FELL 1.8% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.84 (-2.91%) month over month and US$ 0.95 (-1.52%) we ...
Monday, 08 December 14
GOVERMENT TO WITHDRAW CNC STATUS OVER SUSPECTED FLAWS - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to review the clean and clear (CnC) status held by ...
Monday, 08 December 14
FOB NEWCASTLE COAL SWAPS SLIP W-O-W AND M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.10 on 5 December after losing US$ 0.55 (-1.04%) month over ...
Sunday, 07 December 14
SUPRAMAX S8 ROUTE SLIGHTLY INCREASED WEEK ON WEEK
COALspot.com: The BDI continued its fall as cape index fell heavily week on week.
The BDI lost around14.83 pct within last five working day an ...
Saturday, 06 December 14
TANKER FLOATING STORAGE PLAYS COULD COME INTO PLAY IF VLCC RATES STAY AT CURRENT LEVEL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Contango: A phenomenon in commodities futures price curves where the delivery price of a futures contract is greater than the current price. With t ...
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- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Economic Council, Georgia
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
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