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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, 28 November 14
NEW BIMCO CLAUSE AIMS TO REDUCE SUPPLIERS' RELIANCE ON SHIP ARREST FOR CHARTERERS' UNPAID BUNKERS
KNOWLEDGE TO ELEVATE
Ship owners can, on occasion, find themselves in the invidious position of suffering unexpected loss of hire due to a tim ...
Friday, 28 November 14
JSW ENERGY AND GRM RESOURCES JOIN GLOBALCOAL
COALspot.com: globalCOAL® announced yesterday that two new Market Members have joined its online coal trading platform. According globaCOAL&rsq ...
Thursday, 27 November 14
MINING SERVICES TAX SPIKED BY 233% - BISNIS INDONESIA
COALspot.com: The Energy and Mineral Resources Department of Indonesia said the tax contribution from mining services sector in the 3rd Q 2014 ...
Thursday, 27 November 14
PANAMAX : EXPECTATION'S FOR A STRONG END OF YEAR RUSH, DISAPPEAR DAY BY DAY - FEARNLEYS
Handy
“We have experienced a firming market the last couple of weeks. More activity from cargo owners in the Atlantic and less available to ...
Wednesday, 26 November 14
OVERSUPPLY OF TONNAGE PUSHED PANAMAX SEGMENT DOWN FOR ANOTHER WEEK
COALspot.com: The Dry Bulk market managed to reverse its course from the week prior and with the sole exception of the Panamax segment, we witnesse ...
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Showing 3341 to 3345 news of total 6871 |
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- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Planning Commission, India
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
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