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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, 06 October 14
' COAL-BY-WIRE' FROM SUMATRA TO JAVA - THE JAKARTA POST
Coal from the island of Sumatra accounts for most of Indonesia’s low-grade lignite, a low-quality coal that receives a poor price in internat ...
Monday, 06 October 14
THE IRON ORE SHIPPING BUSINESS IS FACING SOME ROUGH SEAS - EAST ASIA FORUM
The impact of Chinese demand on global iron ore prices is well known. A less acknowledged consequence of China’s emergence is the transformat ...
Sunday, 05 October 14
BALTIC DRY INDEX SLIPS 1.14%; BALTIC PANAMAX INDEX GAINED 9.91% WEEK ON WEEK
COALspot.com: The BDI was down by 1.14 pct and closed at 1037 points this Friday.
The Cape index was down significantly week on week or lost 5 ...
Friday, 03 October 14
U.S. WEEKLY COAL PRODUCTION UP 5.8% TO 19.9 MMST
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.9 million short tons (mmst) of co ...
Thursday, 02 October 14
CAPESIZE - DULL AND WITHOUT MUCH DIRECTION AS IRON ORE AND COAL VOLUMES FAIL TO LIVE UP EXPECTATIONS
Handy
After the recent weeks´ rate increase in the Atlantic we see Panamaxes snapping up handymax and Supra cargoes at much lower levels, p ...
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- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Minerals Council of Australia
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
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