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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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- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- White Energy Company Limited
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Planning Commission, India
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
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