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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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Friday, 08 August 14
U.S PRODUCED 35.80 MMST OF COAL IN JULY; UP 7.89 MONTH OVER MONTH
COALspot.com – United States the world's second largest coal producer, produced approximately 19.50 million short tons (mmst) of coal in ...
Friday, 08 August 14
PORT OF NEWCASTLE SHIPPED 19.52% MORE COAL IN JULY FROM LAST MONTH
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped 14,036,947 t ...
Thursday, 07 August 14
SHORT-TERM COAL OUTLOOK IMPROVES - SAM QUEST
With demand for and supply of coal to grow in the near future, prices are expected to rebound in the short term; the long-term prospects, however, ...
Thursday, 07 August 14
BULKING UP IN AFRICA: CHINA INFLATES SEABORNE MINERALS EXPORT TRADE - RICHARD SCOTT
Africa’s profile as an exporter of dry bulk commodities is rising. Responding to growing import demand from China, India and other buyers in ...
Wednesday, 06 August 14
CAPES: BUSINESS INTEREST REMAINS SOFT; CURRENTLY NO SIGNS OF IMPROVEMENT - INTERMODAL
COALspot.com: Despite the considerable pressure witnessed in the freight market for most of the size segments, the Dry Bulk Index was able to note ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Australian Coal Association
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- The University of Queensland
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- MS Steel International - UAE
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
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