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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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Thursday, 25 September 14
LACK OF COAL BUSINESS PUSHING DOWN PANAMAX EARNINGS IN PACIFIC
Handy
In the Atlantic we see rates steady climbing upwards. More coal cargoes out of USG and USEC are helping the TA market which is up some USD ...
Wednesday, 24 September 14
ADARO AGREED TO REDUCE ITS CONCESSION AREA TO 31,379.8 HECTARES
COALspot.com: PT Adaro Energy Tbk (Adaro Energy) today announced that, PT Adaro Indonesia (AI), its wholly owned subsidiary, entered into a M ...
Wednesday, 24 September 14
CAPESIZE: ACTIVITY IN BOTH BASINS WAS UNIMPRESSIVE
COALspot.com: The end of the week prior seems to have marked the tone for the days that followed, with the Dry Bulk market giving up a significant ...
Tuesday, 23 September 14
MEDCO TO INCREASE ITS COAL PRODUCTION NEXT YEAR
COALspot.com: PT Medco Energi Internasional is looking to increase its coal production next year, supported by the launch of operations at its Duta ...
Monday, 22 September 14
COAL SECTOR CHAOS - GENESIS TO REVELATION - DIPESH DIPU
COALspot.com: “Let there be light”, intends the government of India but the fuel side of the story paints a blackout. The recent Suprem ...
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- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
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