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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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Saturday, 30 August 14
RECOVERY IN SIGHT FOR THE DRY BULK SHIPPING MARKET - DREWRY SHIPPING CONSULTANTS
Despite weak freight rates so far this year, Dry Bulk shipping earnings are forecast to recover as demand for both major and minor bulk commodities ...
Friday, 29 August 14
U.S. WEEKLY COAL PRODUCTION DROPS 1.3 PERCENT, EIA SAYS
COALspot.com – United States the world's second largest coal producer, produced approximately 19.40 million short tons (mmst) of coal in ...
Friday, 29 August 14
ADARO'S PROFITS SINK FURTHER AMID FALL IN COAL PRICES - JP
Adaro Energy, one of the country’s largest coal miners, has reported a 31 percent drop in net profit in the first half of this year as global ...
Friday, 29 August 14
CHINESE LIGNITE IMPORTS: QUANTITY OVER QUALITY? - CLARKSONS
In the first half of 2014, Chinese seaborne coal imports declined 0.4% y-o-y to 148mt, largely reflecting a 3.3% fall in imports of steam coal. Mea ...
Thursday, 28 August 14
PANAMAX: OWNERS CAN GET AROUND USD 16000 FOR A FRONTHAUL; PERIOD MARKET - VERY QUIET - FEARNLEYS
Handy
The activity and sentiment is improving in the Atlantic with the general TA rate is up about US$ 800 w-o-w. We see more South American carg ...
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Showing 3516 to 3520 news of total 6871 |
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- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- The University of Queensland
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Parliament of New Zealand
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- White Energy Company Limited
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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