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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, 18 September 14
INDONESIA'S JULY COAL EXPORT VOLUME DROPPED 5.13% M-O-M
COALspot.com: Indonesia, one of the world's largest coal producer and the global leading multi grade coal exporter shipped around $1.65* ...
Thursday, 18 September 14
PANAMAX : US GULF/CHINA FRONTHAUL ARE NOW PAYING TYPICALLY 14.5K + 450K BB - FEARNRESEARCH
Handy
We still see a firming tendency in the Atlantic and it is still ECSA and USG leading on. USG/Cont now up in about USD 17/18k for a Smax whi ...
Thursday, 18 September 14
ELECTRONIC BILLS OF LADING: A GUIDE TO PAPERLESS TRADING WHICH HAS TAKEN THE SHIPPING INDUSTRY BY STORM
Bimco has recently developed and published a charter party clause that specifically addresses the use of electronic bills of lading. Increasing use ...
Wednesday, 17 September 14
PANAMAX: LIMITED INTEREST IN BOTH BASINS; RISING TONNAGE - INTERMODAL
With the week starting off at a fast pace and with the positive momentum from the previous Friday seemingly sticking around for a bit longer, most ...
Wednesday, 17 September 14
SHIPPING MARKET INSIGHT - GEORGE LAZARIDIS
Since the onslaught of 2013 the rising tide of asset prices had been primarily driven by the increasing freight market conditions and the improving ...
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- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Minerals Council of Australia
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
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