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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, 29 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average November 2014 flat day on day and lost US$ 0.85 (-1.66%) per mt week on week. The swap also lost US ...
Monday, 29 September 14
CFR SOUTH CHINA COAL LOST AROUND 5% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 3.55 (-5.10%) month over month and flat week over week.
...
Sunday, 28 September 14
FREIGHT RATES FROM INDONESIA TO INDIA IS EXPECTED TO BE FIRM NEXT WEEK - CAPT. REDDY
COALspot.com: The freight market shows a bit weak trend this week.
The BDI was lost 2.42% week on week and closed at 1049 points on 26 Se ...
Sunday, 28 September 14
BERAU AGREES DEAL WITH GOVT, MINING AREA REDUCED - THE JAKARTA POST
Coal miner PT Berau Coal, a subsidiary of Jakarta-listed PT Berau Coal Energy (BRAU), has signed a memorandum of understanding (MoU) with the gover ...
Saturday, 27 September 14
OIL MARKET CONTANGO: SPECULATION ON FUTURE PRICES CAN BE A RISKY MOVE, EVEN FOR TANKER OWNERS HELLENIC SHIPPING NEWS
Despite the fact that tanker owners can easily use their vessels as floating storage units for oil, in a bid to exploit the current oil market dyna ...
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- Planning Commission, India
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- PTC India Limited - India
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- VISA Power Limited - India
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- The University of Queensland
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
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