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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, 18 July 14
3RD CHINA INTERNATIONAL SHALE GAS SUMMIT
Building on the massive success of the past 2 shale gas programs that has generated huge success by attracting 500+ industry players, and intrig ...
Friday, 18 July 14
US WEEKLY COAL PRODUCTION UP BY 1.4% TO 18.3 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.3 million short tons (mmst) of coal in a ...
Thursday, 17 July 14
PANAMAX : MARKET HAS COOLED DOWN AGAIN TO LOW AND DEPRESSED LEVELS
Handy
The supra market remains pretty flat in the Atlantic while for the smaller sizes there has been little reported with ships chasing business ...
Thursday, 17 July 14
INDIAN GOVERNMENT WISE TO TAKE ADVANTAGE OF CURRENTLY LOW THERMAL COAL PRICES AND SHIPPING RATES - JEFFREY LANDSBERG
With thermal coal import prices (and also shipping rates) very low at present, India's government would be very wise to take advantage of curre ...
Wednesday, 16 July 14
INDIA BUDGET HAS LIMITED SHORT TERM IMPACT ON POWER SECTOR - FITCH RATINGS
Fitch Ratings says that the measures announced relating to India's electricity sector in the budget for FY2015 are directionally correct but in ...
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- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- White Energy Company Limited
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Bhatia International Limited - India
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- The University of Queensland
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
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