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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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Wednesday, 26 November 14
SHIPPING MARKET INSIGHT - EVA TZIMA
The tanker market has been enjoying some good returns lately. Ok, that may be a big understatement, but with all the ups and downs of the past year ...
Tuesday, 25 November 14
FISCAL BREAKEVEN OIL PRICES SHOW SOVEREIGN VULNERABILITY - FITCH
COALspot.com: The vulnerability of the sovereign credit profiles of net oil exporters, as shown by their fiscal breakeven oil prices, suggests that ...
Tuesday, 25 November 14
UK: TRIBUNAL RULES ON SPEED AND PERFORMANCE CLAIMS UNDER TWO CONSECUTIVE TIME CHARTERPARTIES - REED SMITH
KNOWLEDGE TO ELEVATE
“Owners not to be responsible if the vessel under the currency of this charter party stays at port or anchorage or ...
Tuesday, 25 November 14
FOB RICHARDS BAY COAL SWAP FOR Q4' 15 DELIVERY CLOSED AT US$ 68.20
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 gained month on month, week on week and day over day.
The Q1 swap has gain ...
Tuesday, 25 November 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT $ 49.55
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week.
The Q1 swap has lost US$ 0.12 (-0.24%) ...
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- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Planning Commission, India
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Parliament of New Zealand
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
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