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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, 28 August 14
BANPU REPORTS HIGHER FIRST-HALF YEAR RESULTS FOR 2014
COALspot.com: Banpu Public Company Limited (BANPU) reports higher first half-year financial results for 2014 having its gross profit increasing 3 p ...
Wednesday, 27 August 14
FREIGHT MARKET: IS THE MARKET IN A RECOVERY MOOD? - GEORGE ILIOPOULOS
Is the market in a recovery mood?
August is typically a time when the shipping industry takes it easy… charter-ers book their requireme ...
Tuesday, 26 August 14
4TH ANNUAL ASIA NICKEL
4th Annual Asia Nickel
19-20 Nov 2014
Grand Hyatt Jakarta, Indonesia
Web Site
Asia’s Premier Nickel Conference
Regulation in ...
Tuesday, 26 August 14
DESPITE LOW DRY BULK RATES, BULKER PRICES ARE STILL HIGH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, August tends to be a month of slow activity in the sale and purchasing market and this year has been no exception. However, as shipb ...
Tuesday, 26 August 14
GOVT ON TRACK TO LIMIT COAL OUTPUT - THE JAKARTA POST
The government has announced that it will proceed with plans to cap the production of coal next year, a move aimed not only at protecting the envir ...
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Showing 3521 to 3525 news of total 6871 |
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- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- The University of Queensland
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- ASAPP Information Group - India
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
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