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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, 10 October 14
U.S. PRODUCED 83.2 MMST OF COAL IN SEPTEMBER, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.6 million short tons (mmst) of coal in ...
Thursday, 09 October 14
CAPESIZE MARKET HAS CONTINUED TO SHOW WEAKNESS - FEARNLEYS
Handy
We mentioned last week that after several weeks of rate increase for the Supras, the bigger Panamaxes started to snap up better paying Supr ...
Thursday, 09 October 14
SHIPPING REMAINS CHALLENGED AS GLOBAL GROWTH DISAPPOINTS - BIMCO
The global shipping industry finds no grace from much stronger economic activity going forward, as the global recovery remains fragile and uneven. ...
Wednesday, 08 October 14
CAPES RATE FOR THE W. AUSTRALIA TO CHINA VOYAGE MOVED TO BELOW $8/MT - INTERMODAL
The Dry Bulk market remained under pressure last week, with rates for Capes remaining on the red while those for Panamaxes managed to outperform th ...
Wednesday, 08 October 14
OIL COULD FALL TO USD80 BEFORE SHALE SUPPLY RESPONSE - FITCH
COALspot.com: Brent oil could fall as low as USD80 a barrel before triggering a self-correcting supply response with shale-oil drillers cutting inv ...
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- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Planning Commission, India
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
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