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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, 31 October 14
BUKIT ASAM'S NET PROFIT ROSE 27.42% FOR THE PERIOD JANUARY - SEPTEMBER 2014
COALspot.com: Publicly listed coal miner Bukit Asam reported solid profits in the first nine months of 2014 year.
Coal miner Bukit Asam manage ...
Friday, 31 October 14
U.S PRODUCED AROUND 19.3 MMST OF COAL IN A WEEK
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.3 million short tons (mmst) of coal in ...
Thursday, 30 October 14
COAL & GRAINS SUPPORT PANAMAX AND IRON ORE SUPPORTS CAPES
Handy
The Atlantic market has been flat this week. Rates are up about US$ 200 from last week on the TA´s, but the volumes are about the sam ...
Thursday, 30 October 14
DOES A LOU ARBITRATION AGREEMENT FOR THE UNDERLYING CARGO CLAIM COMPLETELY REPLACE THE BILL OF LADING ARBITRATION CLAUSE? - INCE &CO
KNOWLEDGE TO ELEVATE
In the context of cargo claims brought under four bills of lading, the Commercial Court has recently considered whether a ...
Wednesday, 29 October 14
GOOD REASON WHY Q4 CAPESIZE OUTLOOK WAS SO BULLISH AT START OF THE YEAR - COMMODORE RESEARCH
COALspot.com: There was good reason why so many analysts' capesize outlook for Q4 was so very strong at the start of this year. Brazilian ...
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- Economic Council, Georgia
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- White Energy Company Limited
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Australian Coal Association
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- The University of Queensland
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Indika Energy - Indonesia
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