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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, 28 July 14
S. KOREA'S KOSPO SEEKS 148K T OF 4700 NAR COAL
COALspot.com: Korea Southern Power Co Ltd (KOSPO) is seeking 148,000 tonnes of 4,700 kcal/kg NCV steaming coal for shipment between October to Nove ...
Monday, 28 July 14
CFR SOUTH CHINA COAL SWAP SLIGHTLY UP WEEK ON WEEK
COALspot.com: Coal price falling is continues as the impact oversupply and lower demand. The swap for Q3, Q4 and Q1 2015 showing slight improvement ...
Sunday, 27 July 14
RAMADAN HOLIDAYS IN INDONESIA PUTTING PRESSURE ON CHARTER RATES FROM INDONESIA - VISTAAR INDIA
COALspot.com: The freight rates were almost steady as very slight improvement in BDI by about 1 pct. The BDI was at 739 points after improvin ...
Saturday, 26 July 14
COAL MINING COMPANIES CLOSED TEMPORARILY - THE JAKARTA POST
The Sarolangun regency administration in Jambi has suspended the operations of 10 coal mining companies in line with a circular issued by Regent Ce ...
Friday, 25 July 14
U.S WEEKLY COAL PRODUCTION UP AROUND 3.5% WEEK ENDED JULY 19
COALspot.com – United States the world's second largest coal producer, produced approximately 19.00 million short tons (mmst) of coal in ...
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- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- The University of Queensland
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- PTC India Limited - India
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
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