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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, 16 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
Wake me up when September ends - Theodore Ntalakos
Since last September most thought that the worst was behind us. It looks like the market de ...
Tuesday, 15 July 14
INDONESIA'S TOTAL COAL PRODUCTION REACHED ANOTHER HIGH DURING THE FIRST SIX MONTHS; GOVERNMENT EXPECTED TO RAISE ROYALTIES
COALspot.com: Indonesia's total coal production reached 213 million tons during January through June, up by 7.6 percent y-o-y. Coal output in I ...
Monday, 14 July 14
THE END OF THE ERA OF HEAVY FUEL OIL IN MARITIME SHIPPING - ICCT
KNOWLEDGE TO ELEVATE
Since the 1960s, heavy fuel oil (HFO) has been the king of marine fuels. Viscous, dirty, yet inexpensive and widely avail ...
Monday, 14 July 14
SGX SUB-BIT FOB INDONESIA COAL SWAP FOR Q4' 14 DELIVERY CLOSED AT $ 54.80
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
Monday, 14 July 14
SGX CFR SOUTH CHINA COAL SWAP FOR Q3' 14 LOST 17.29% SINCE EARLY JANUARY 2014
COALspot.com: Coal price falling is continues as the impact oversupply and lower demand. API 8 CFR South China Coal swap for delivery in Q3 drops U ...
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- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Parliament of New Zealand
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
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