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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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Tuesday, 16 September 14
INDONESIAN GOVERNMENT DECLARED HBA SUFFERED ANOTHER SETBACK IN SEPTEMBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in September. HBA for ...
Tuesday, 16 September 14
INDONESIAN COAL OUTPUT WON'T EXCEED 421M TONS: GOVT - JP
The government is optimistic that it will meet its coal production target for this year, which caps nationwide production at a flat number compared ...
Monday, 15 September 14
CHINA'S COAL PROPOSALS LEAVE SOME HOPE FOR EXPORTERS - DAILY NEWS
When the best thing you can say about new policies is that they aren’t as bad as they could have been, then you know your industry is in deep ...
Monday, 15 September 14
SUB-BIT FOB INDONESIA COAL SWAP, JANUARY 2015 DELIVERY GAINED DAY ON DAY AND WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.40 (+0.78%) day on day and US$ 0.55 (+1.08%) per mt week on week. The ...
Monday, 15 September 14
CFR SOUTH CHINA COAL SWAP GAINED DAY ON DAY AND WEEK ON WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 2.30 (-3.36%) month over month, but increased day on day a ...
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- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Australian Coal Association
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Planning Commission, India
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- The University of Queensland
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
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