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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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Wednesday, 08 October 14
IS THERE ANY BRIGHT SIDE ON THE DRY BULK SEGMENT? - YANNIS OLZIERSKY
In the movie “Life Of Brian”, a character on a nearby cross was singing the famous “Always look on the bright side of life” ...
Tuesday, 07 October 14
TAIPOWER TO IMPORT 525K MT OF LOW ASH AND EXTRA LOW SULFUR SUB-BITUMINOUS COAL
COALspot.com: Taiwan Power Company intends to procure 525,000 metric tons of low ash and extra low sulfur sub-bituminous coal for Taipower thermal ...
Tuesday, 07 October 14
SUB-BIT FOB INDONESIA COAL SWAP SHOWS A FLAT TO WEAK TREND THIS PAST WEEK
COALspot.com: Indonesian coal swaps November 2014 delivery flat week on week and gained US$ 0.10 (-0.20%) per mt day on day. The swap also lost US$ ...
Tuesday, 07 October 14
THE RIO TINTO CONFIRMS THAT NO DISCUSSIONS ARE TAKING PLACE WITH GLENCORE
COALspot.com: The board of Rio Tinto notes the recent press speculation regarding a possible combination of Rio Tinto and Glencore.The Rio Tinto bo ...
Tuesday, 07 October 14
API 8 CFR SOUTH CHINA COAL SWAP HEADED SOUTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 1.10 (-1.64%) month over month and US$ 0.25 (-0.38%) ...
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- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
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