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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, 22 September 14
CFR SOUTH CHINA COAL SWAPS LOST ON DAY, WEEK AND MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 3.10 (-4.50%) month over month and $ 0.95 PT MT week over ...
Monday, 22 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.35 (+0.69%) day on day and lost US$ 0.30 (-0.58%) per mt week on week. ...
Sunday, 21 September 14
CAPE INDEX LOST 17% W-O-W ; BALTIC DRY PLUNGES 106 POINTS
COALspot.com: This week the freight market softened a bit compared to last week.
BDI fell 8.97% week on week and closed BDI at 1075 points on ...
Friday, 19 September 14
U.S. WEEKLY COAL PRODUCTION RELATIVELY FLAT AT +0.1% - EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Friday, 19 September 14
PRICES FOR DRY BULK CARRIERS HAVEN'T CORRECTED ENOUGH, DESPITE LOWER THAN EXPECTED FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A lot has been said and written about the looming dry bulk market recovery over the past few months. However, even if this hasn’t been materi ...
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- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Economic Council, Georgia
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Australian Coal Association
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
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