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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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Sunday, 14 September 14
FREIGHT RATES RALLY AS DEMAND INCREASED
COALspot.com: The Baltic Dry Index (BDI) is a number (in US$) issued daily by the London-based Baltic Exchange up 2.25 percent week on week. BDI cl ...
Friday, 12 September 14
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 673.3 MMST, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Thursday, 11 September 14
THE PANAMAX MARKET IS TAKING A BREATHER - FEARNLEYS
Handy
We have experienced more activity in both hemispheres this week, said Fearnleys in this week's weekly report.
"We see rates c ...
Wednesday, 10 September 14
ARE GREEK BANKS ON THE VERGE TO START LENDING AGAIN? - JOHN N. COTZIAS
It is well known that Greek Banks had suffered severely after the economic crisis of 2008. From that period onwards, major changes have occur ...
Tuesday, 09 September 14
WEAK M&A DESPITE ABUNDANT DISTRESSED INDONESIA COAL ASSETS - FITCH RATINGS
COALspot.com: Fitch Ratings says that a meaningful level of merger and acquisition (M&A) activity leading to a consolidation of the coal sector ...
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- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- White Energy Company Limited
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Thai Mozambique Logistica
- MS Steel International - UAE
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
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