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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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Thursday, 20 November 14
HANDY: INDO ROUNDS ARE BEING FIXED IN REGION OF US$ 10K - FEARNLEYS
Handy
In the Atlantic we have experienced firmer rates this week much lead by the grain activity out of USG. Vsls open in the USG can achieve in ...
Thursday, 20 November 14
DEMAND FOR DRY BULK CARRIERS INCREASES ON THE BACK OF HEIGHTENED FREIGHT RATE MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners are looking to take advantage of favorable market conditions through the acquisition of more dry bulk carriers. According to shipbroker ...
Wednesday, 19 November 14
INDONESIA FUEL-PRICE RISE A CLEAR, POSITIVE REFORM SIGNAL - FITCH
COALspot.com: Indonesia's hike of more than 30% in administered fuel prices, announced on 17 November, provides a clear, positive signal of the ...
Wednesday, 19 November 14
CAPES WERE UNDER PRESSURE; LOST 20% WITHIN A WEEK
COALspot.com: " The negative environment in which the week prior ended, marked this past week as well, which closed off on Friday noting the f ...
Wednesday, 19 November 14
SHIPPING MARKET INSIGHT - BY KATERINA RESTIS
The current Ebola outbreak in West Africa has been declared as a worldwide health emergency by the World Health Organization and has had a great im ...
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- VISA Power Limited - India
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Parliament of New Zealand
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Planning Commission, India
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
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