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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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Wednesday, 12 November 14
PANAMAX: WITNESSED A FAIRLY STABLE MARKET IN THE ATLANTIC
COALspot.com: Despite the fact that the Dry Bulk market noted another weekly increase, clouds of uncertainty returned mid-week onwards, as the mini ...
Wednesday, 12 November 14
SHIPPING MARKET INSIGHT - CHRISTOPHER T. WHITTY
COALspot.com: The fight continues between the low-cost iron ore producers and the big three: Vale, Rio Tinto and BHP Billiton. We are moving into a ...
Tuesday, 11 November 14
FACING CHALLENGES AND MEETING OPPORTUNITIES - INTERNATIONAL EPC CONFERENCE & EXHIBITION
Press Release: SKYCONNECTION and TRANSEVENT, which is fully supported by the Institution of Engineers Indonesia and Ministry of Industry of the Rep ...
Tuesday, 11 November 14
NEWCASTLE COAL SWAP CLOSED AT $ 52.65 FOR Q1' 15 DELIVERY
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery decreased US$ 2.83 (-5.10%) month over month and US$ 1.35 (-2.50%) week ove ...
Tuesday, 11 November 14
PORT OF NEWCASTLE'S OCTOBER COAL SHIPMENTS SLIPPED 7.40% M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,115.7 mil ...
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- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- London Commodity Brokers - England
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
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