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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, 18 August 14
CFR SOUTH CHINA COAL SWAP PERFORMED WELL THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.45 (+0.66%) day on day and US$ 0.30 (+0.44%)&nbs ...
Saturday, 16 August 14
HIGH DEMAND OF IRON ORE SHIPMENTS PUSHED CAPE INDEX UPWARDS
COALspot.com: This week's freight market was buoyant with Cape and panamax index seeing a big jump pushing the BDI above 1,000 points week on c ...
Friday, 15 August 14
5TH ANNUAL POWER AND ELECTRICITY INDONESIA
5TH ANNUAL POWER AND ELECTRICITY INDONESIA
13-16 October 2014
Grand Hyatt Jakarta, Indonesia
Web Site
The country’s definitive ...
Thursday, 14 August 14
U.S. STEAM COAL IMPORTS REMAIN DOWN SHARPLY FROM HISTORIC HIGH IN 2007, SAYS EIA
COALspot.com: U.S. steam coal imports at power plants have fallen significantly from their peak level of more than 30 million tons in 2007 to less ...
Thursday, 14 August 14
INDIA'S PLAN TO START AN INFRASTRUCTURE BOOM AND TO INVEST US$ 1 TRILLION BY 2017 WILL SURELY AFFECT THE DRY BULK TRADE - FEARNLEYS
Handy
The Atlantic Supra market has continued its improving sentiment with rates climbing and TA´s are now up about US$ 900 w-o-w, said Fea ...
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- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
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