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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 03 December 14
PROGRESSING SMELTER PROJECTS IN INDONESIA
Press Release: Indonesia’s ban on ‘raw mineral export’ that was designed to encouraging downstream investment in mineral processi ...
Wednesday, 03 December 14
CAPESIZE DRY BULK CARRIERS ENTER 2015 WITH MIXED FORTUNES, WITH A POSITIVE AND A NEGATIVE SCENARIO BOTH EMERGING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The future of the Capesize dry bulk market appears to be engulfed from mixed “feelings” among analysts and market participants, despite ...
Tuesday, 02 December 14
KEY PLAYERS SHED NEW PERSPECTIVES ON COAL MARKETS
Press Release: Singapore’s ONLY and longest established Coal Trade event. Whilst Coal prices remain challenging, there is widespread consensu ...
Tuesday, 02 December 14
KOMIPO INVITES BIDS FOR 585,000 METRIC TONS OF COAL FOR Q1'15
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids for the supply of 585,000 Metric Tons of coal. According to invitation, 5700 ...
Tuesday, 02 December 14
U.S WEEKLY COAL PRODUCTION FELL 1.4% WEEK ON WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.6 million short tons (mmst) o ...
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- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- MS Steel International - UAE
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- The University of Queensland
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Planning Commission, India
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
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