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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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Tuesday, 18 November 14
VALEMAX DEAL TO DETERMINE DRY BULK MARKET'S FATE - DREWRY MARITIME RESEARCH
Vale’s accord to sell and lease four Valemax vessels to COSCO might have negative repercussions on dry bulk freight rates. Vale has committed ...
Tuesday, 18 November 14
SUB-BIT FOB INDONESIA COAL SWAP DELIVERY Q2' 2015 CLOSED AT $ 49.55; DOWN 4.10% M-O-M
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week and day on day.
The Q1 swap has lost US ...
Tuesday, 18 November 14
FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT $ 66.31; UP 1.33% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has gained US$ 0.27 (+0.41%) month over month and US$ 0.87 (+1.33%) week ...
Tuesday, 18 November 14
CHEAP OIL PRICES COULD RESHAPE GLOBAL OIL EXPORTING MAP - HELLENIC SHIPPING
Tanker owners have enjoyed a rather healthy 2014, but as the year draws to a close, the fall of oil prices is bound to reshape traditional, as well ...
Monday, 17 November 14
SKULD ISSUES URGENT NOTICE ON BANKRUPTCY OF OW BUNKER A/S
Further to the Association’s advices of 7 November 2014, more information has come to light with respect to the potential impact and scale of ...
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Showing 3366 to 3370 news of total 6871 |
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- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- PTC India Limited - India
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- White Energy Company Limited
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
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