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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, 07 September 14
SHIPMANAGERS SUPERVISION CONTRACT FOR NEWBUILDS - BIMCO
Shipmanagers are frequently called upon by their owner clients to supervise newbuilding projects on their behalf. The scope of the manager’s ...
Saturday, 06 September 14
SLOW COAL EXPORT REGISTRATION RAISES CONCERNS - THE JAKARTA POST
Several coal mining companies have yet to receive the go-ahead from the Energy and Mineral Resources Ministry to obtain exporting licenses, leading ...
Saturday, 06 September 14
DRY BULK MARKET'S PROSPECTS ARE IMPROVING, DESPITE WEAK SECOND QUARTER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been rebounding during the past month, with the Baltic Dry Index (BDI) ended the week on a high note, reaching 1,155 points ...
Saturday, 06 September 14
INDONESIA WANTS TO REGULATE COAL DEALS - THE TELEGRAPH INDIA
Indonesia has raised concerns about suspected coal deals struck between overseas buyers and its unregistered domestic miners, the telegraph India r ...
Friday, 05 September 14
U.S. PRODUCED 19.2 MMST OF COAL LAST WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
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- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
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