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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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Friday, 14 November 14
MORE NATURAL GAS FROM RUSSIA TO HELP STABILISE CHINA PRICES - FITCH RATINGS
COALspot.com: Fitch Ratings has said possible additional natural gas supplies from Russia's OAO Gazprom to China via the Altai pipeline would h ...
Thursday, 13 November 14
SLOWER AND LOWER HAS BEEN THE TREND OF THE PANAMAX IN BOTH HEMISPHERES - FEARNLEYS
Handy
We are experiencing an oversupply of tonnage in the Atlantic which is out numbering the amount of cargoes, Fearnleys broker says in its lat ...
Thursday, 13 November 14
DRY BULK MARKET'S REBOUND HINGES ON IRON ORE OVERSUPPLY ISSUES MOVING FORWARD - HELLENIC SHIPPING NEWS
“One man’s benefit, is another man’s demise” is a phrase which can be used to describe today’s situation in the dry b ...
Thursday, 13 November 14
COAL MINISTER WANTS INDIA TO STOP COAL IMPORTS IN TWO OR THREE YEARS
COALspot.com: India to ramp up coal production to a billion tonnes by 2019 from its current level of 490 million tones. According to Power and Coal ...
Thursday, 13 November 14
MODERN DRY BULK SHIPS' PRICES START FIRMING UP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While the main story of the past few weeks has been the rebound of the dry bulk market, which has been a result of increased Chinese iron ore impor ...
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- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Planning Commission, India
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
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