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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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Monday, 25 August 14
4TH ANNUAL FLOATING TERMINALS
4th Annual Floating Terminals
18-20 Nov 2014
Intercontinental Jakarta Midplaza,
Indonesia
Web Site
The Floating Terminal c ...
Monday, 25 August 14
THE BALTIC DRY IS JUMPING, BUT DON'T DRAW ANY BROAD CONCLUSIONS - NASDAQ
Those who consistently preach doom and gloom and see an economic apocalypse around every corner would make me laugh if it weren’t for the fac ...
Monday, 25 August 14
COAL CEOS: DEMISE OF COAL 'EXAGGERATED' - MARK WILCOX
By Mark Wilcox
Heads of some of the largest coal companies in Wyoming are saying the demise of coal has been exaggerated, though the industry def ...
Monday, 25 August 14
INDO COAL SWAPS W-O-W: NEGATIVE; M-O-M: POSITIVE
COALspot.com: Indonesian coal swaps for average September 2014 decreased US$ 0.15 (-0.28%) day on day and US$ 0.65 (-1.19%) per mt week on week. Th ...
Monday, 25 August 14
API 8 CFR SOUTH CHINA COAL SWAP GAINED DAY OVER DAY AND MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.30 (+0.44%) day on day and decreased US$ 0.20 (- ...
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- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Marubeni Corporation - India
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Bhatia International Limited - India
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
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