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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, 24 August 14
SEA FREIGHT MARKETS STARTING TO LOOK POSITIVE; CAPES DRIVE FREIGHTS HIGHER
COALspot.com: The freight market has strengthen further this week with BDI up 7.19 pct week on week. The BDI was closed at 1,088 points while the B ...
Friday, 22 August 14
INDIAN IRON ORE ROYALTY RISE NOT LIKELY TO HURT STEELMAKERS' MARGINS - FITCH
Fitch Ratings does not expect an increase in India's iron ore royalty rates to have a major impact on the profitability of steel producers in t ...
Friday, 22 August 14
ARBITRATION CLAUSE IN LOU HELD TO REPLACE CHARTERPARTY ARBITRATION CLAUSE
KNOWLEDGE TO ELEVATE
The Claimants had claims for cargo damage against the vessel Owners arising under four bills of lading. The vessel was th ...
Friday, 22 August 14
ICAP ENERGY LAUNCHES GLOBAL COKING COAL DERIVATIVES TRADING
First contract completed and cleared on CME
COALspot.com: ICAP Energy, the energy business of ICAP plc, announces today that it has successful ...
Friday, 22 August 14
U.S WEEKLY COAL PRODUCTION UP 2.4% WEEK OVER WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.60 million short tons (mmst) of coal in ...
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- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- The University of Queensland
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Baramulti Group, Indonesia
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