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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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Wednesday, 13 August 14
WEEKLY MARKET INSIGHT - KONSTANTINOS KONTOMICHIS SNP BROKER
Being at the peak of the holiday season, August is, as usual, the quietest month in terms of snp transactions, yet it is also a time very critical ...
Wednesday, 13 August 14
WHAT DOES PROJECT CARGO REALLY MEAN TO INSURERS?
KNOWLEDGE TO ELEVATE
Richard Kamppari-Baker, claims manager of FP Marine Risks, explains the challenges of project cargo risk assessment from ...
Wednesday, 13 August 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN CLOSE TO 57 MONTHS LOWS
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price in August. HBA for the month of A ...
Monday, 11 August 14
LARGEST CHINESE TRADE SURPLUS EVER RECORDED IN JULY - BIMCO
China recorded a trade surplus of USD 47.3 billion in July 2014. The record high surplus came on the back of very strong export growth while import ...
Monday, 11 August 14
INDONESIAN THERMAL COAL SWAPS SEEING SOME POSITIVE TREND
COALspot.com: Indonesian coal swaps for average September 2014 increased US$ 0.20 (+0.36%) day on day and US$ 1.30 (+2.41%) per mt week on week. Th ...
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- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Economic Council, Georgia
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
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