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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, 04 November 14
FOB NEWCASTLE COAL SWAPS GAINED WEEK OVER WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.09 (-1.99%) month over month and increased US$ 0.31 (+0.58% ...
Monday, 03 November 14
ADARO PRODUCED 41.90MT OF COAL FOR FIRST 9 MONTHS OF 2014
COALspot.com: Adaro’s coal production in the third quarter reached 14.03 Mt, a 2% increase compared to the same period of last year. Accordin ...
Monday, 03 November 14
CFR SOUTH CHINA COAL SWAP FOR Q4' 2014 DELIVERY LOST 2.80% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery has decreased US$ 1.86 (-2.80%) month over month and increased US$ 0.37 ( ...
Monday, 03 November 14
INDONESIAN'S COAL EXPORTS JUMP IN SEPTEMBER
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
Sunday, 02 November 14
CAPE INDEX WAS UP 46.65% WEEK ON WEEK
COALspot.com: The BDI and Cape index continued the strong upward trend this week. The BDI was up 19.80 pct and Cape index was up by 46.65 per ...
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- The University of Queensland
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
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