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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, 07 November 14
U.S. PRODUCED 85.60 MILLION SHORT TONS OF COAL IN OCTOBER, UP 2.88% M-O-M
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.0 million short tons (mmst) of coal ...
Thursday, 06 November 14
THE ATLANTIC HAS REMAINED STRONG WITH A HEALTHY SUPPLY OF NEW CARGOES
Handy
This week has continued its slow trend in both hemispheres and even though rates are a bit up w-o-w it is not a clear sign for any improvem ...
Wednesday, 05 November 14
CAPESIZE SEGMENT ENJOYED FIRMING RATES ACROSS BOTH BASINS
Following a fantastic week in terms of rate performance for Capes, the Dry Bulk market managed to note another positive weekly closing, which stron ...
Wednesday, 05 November 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
COALspot.com: The steep appreciation in dry bulker values between late 2012 and March 2014 resulted in unrealistically expensive ship values compar ...
Tuesday, 04 November 14
INDONESIAN COAL SWAPS FOR 2015 DELIVERIES SHOW A WEAK TREND
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week, the trend was same as las ...
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- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- The University of Queensland
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Economic Council, Georgia
- Interocean Group of Companies - India
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
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