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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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Saturday, 22 November 14
THE FALL IN BUNKER PRICES REDUCE FUEL COSTS SIGNIFICANTLY - BIMCO, PETER SAND
For a ship that burns 24 tonnes of fuel per day while steaming, fuel costs are reduced by as much as USD 1 million a year if current price level st ...
Saturday, 22 November 14
DRY BULKERS NEWBUILDING DELIVERIES REACHED 11.8 MILLION DWT DURING THIRD QUARTER, NET FLEET GROWTH FOR 2014 TO REACH 5% - HELLENIC SHIPPING NEWS
The dry bulk market has rebounded since its less than impressive performance since the start of the year, but overall, third quarter figures could ...
Friday, 21 November 14
BUMI ENTERS INTO CONDITIONAL SALE & PURCHASE AGREEMENT TO SELL FBS STAKE
COALspot.com: PT Bumi Resources Tbk, one of the Indonesia's largest coal producers confirms that it has executed a Conditional Sale and Purchas ...
Friday, 21 November 14
U.S LAST WEEK'S COAL PRODUCTION STAYS FLAT W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
Thursday, 20 November 14
MOST MAJOR ASIAN ECONOMIES TO BENEFIT FROM LOWER OIL - FITCH
COALspot.com: The 25% drop in the price of oil since July is likely to lift economic growth prospects, improve terms of trade, and have a pot ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Marubeni Corporation - India
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- The University of Queensland
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
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