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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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Thursday, 10 July 14
SGX EXPANDS ACROSS THE BULKS WITH NEW COAL PRODUCTS
COALspot.com: Singapore Exchange (SGX) is expanding its bulk commodity derivatives offering by launching new coking and thermal coal products on 4 ...
Thursday, 10 July 14
HANDY: SMALL INCREASE; PANAMAX: POSITIVE TONE; CAPESIZE: PAPER VALUES REMAIN WEEK
Handy
It is a general increase in activity in both hemispheres whereas rates have just experienced a small increase. In the Feast we see stable a ...
Wednesday, 09 July 14
SHIP INVESTMENTS ARE TRENDING LOWER
Most ship owners are deeming current ship prices on the high side, refraining from making serious commitments in new acquisitions or newbuilding or ...
Wednesday, 09 July 14
INDIAN GOVERNMENT ADVISED POWER UTILITIES TO INCREASE COAL IMPORTS
COALspot.com: The government of India has advised power utilities to increase coal imports to meet fuel shortages and those that have fuel supply p ...
Wednesday, 09 July 14
PANAMAX MARKET FINALLY CORRECTING UPWARDS; AVERAGE TC MORE THAN DOUBLING WEEK ON WEEK - INTERMODAL
The Dry Bulk market has closed off on Friday on a more positive note, with most segments noting weekly gains and the Panamax market finally correct ...
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Showing 3611 to 3615 news of total 6871 |
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- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
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