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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, 07 July 14
SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL SHIPPED 12% LESS COAL IN JUNE COMPARED TO MAY EXPORTS
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the world’s single largest export coal terminal, shipped 4.91 million tons ...
Monday, 07 July 14
INDONESIAN SUB-BIT COAL SWAPS FOR Q3 DELIVERY CRASHES THROUGH $ 54.50
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, 07 July 14
API 8 CFR SOUTH CHINA COAL SWAPS SHOW A DOWNWARD TREND THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in Q3 drops US$ 5.47 month on month on Friday, dipping under $68 a ton. The CFR South Ch ...
Sunday, 06 July 14
PANAMAX INDEX BEING THE BIGGEST GAINER THIS WEEK; UP 52.75% W-O-W
COALspot.com: This week there was some positive signs in all the sectors. The Panamax index being the biggest gainer this week after losing for sev ...
Friday, 04 July 14
US: WEEKLY COAL PRODUCTION SLIGHTLY UP W-O-W
COALspot.com – United States the world's second largest coal producer, produced approximately 19.4 million short tons (mmst) of coa ...
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- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
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