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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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Monday, 17 November 14
INDONESIAN COAL PRICE REFERENCE CONTINUES FREE FALL; SLUMPS TO 69-MONTH LOW
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in November. HBA for t ...
Monday, 17 November 14
API 5 FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED AT $ 52.75
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery has decreased US$ 1.77 (-3.25%) month over month and US$ 0.02 (-0.04%) day ...
Monday, 17 November 14
SOUTH CHINA COAL SWAP SLIGHTLY INCREASED WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.73 (-2.67%) month over month and US$ 0.10 (-0.16%) da ...
Sunday, 16 November 14
THE BDI LOST 12.59% WEEK ON WEEK; THE BCI LOST 19.95%
COALspot.com: The BDI fell 12.59 percent to 1256 point week on week on Friday 14 November. All the segments were also most down this week. The cape ...
Friday, 14 November 14
U.S. WEEKLY COAL OUTPUT SLIPS SLIGHTLY WEEK ENDING NOVEMBER 08
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
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- CNBM International Corporation - China
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Planning Commission, India
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
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