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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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Tuesday, 22 July 14
ASIAN SUB-BITUMINOUS COAL USERS' GROUP CONFERENCE
Press Release: Registration Open for Fourth Annual Asian Sub-Bituminous Coal Users’ Group Conference
Register today for this year&r ...
Monday, 21 July 14
25% OF INDIA'S POWER PLANTS WERE HAVING SUPER CRITICAL COAL STOCK - COAL AND POWER MINISTER
25% of India’s power plants were having super critical coal stock; power utilities have also been advised to enhance the import of coal - Coa ...
Monday, 21 July 14
INDONESIA'S STATE CONTROLLED COAL MINER BUKIT ASAM ENJOYED HIGHER SELLING PRICE DURING THIS STORMY MARKET
COALspot.com: PT Bukit Asam, the Indonesian government controlled coal miner announced today that, the company has produced 7.70 million tons of co ...
Monday, 21 July 14
CFR SOUTH CHINA COAL Q3 DELIVERY SWAPS LOST 16% SINCE JANUARY 17, 2014
COALspot.com: Coal price falling is continues as the impact oversupply and lower demand. Market is not showing any positive trend in near future.
...
Sunday, 20 July 14
THE FREIGHT MARKET CONTINUED ITS DOWNWARD TREND
COALspot.com: The market continued its downward trend this week as all segments were down compared to last week. The Cape and Panamax indices being ...
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- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
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