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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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Monday, 13 October 14
INDONESIAN COAL SWAPS FOR DELIVERY Q4' 2014 GAINED WEEK ON WEEK AND DAY ON DAY
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 gained week on week and day on day.
The swap lost US$ 0.13 (-0.25%) month on mon ...
Monday, 13 October 14
Q1' 2015 CFR SOUTH CHINA COAL SWAP CLOSED US$ 0.31 PMT HIGHER THAN Q4' 2014 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 0.66 (-1.00%) month over month and US$ 0.40 (-0.61%) ...
Sunday, 12 October 14
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE WEAK - VISTAAR
COALspot.com: This week all the segments softened. The BDI down 7.13 pct week on week and closed below 1000 points at 963 points.
The Cape ind ...
Saturday, 11 October 14
COAL PRODUCTION RISES ONLY SLIGHTLY AS GOVT LIMITS MINING OPERATIONS - THE JAKARTA POST
Indonesian coal production rose by only 4 percent in the first nine months of this year, a relatively low increase compared to previous years, as t ...
Friday, 10 October 14
INDONESIA TO DEVELOP DOWNSTREAM COAL INDUSTRY - JP
The government is planning to launch a program to develop the downstream coal industry to increase the commodity’s added value, an official h ...
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- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- PTC India Limited - India
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
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