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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, 04 July 14
PARAM MITRA COAL RESOURCES SECURES US$ 7.5M INVESTMENT FROM TEMBUSU PARTNERS
Param Mitra Coal Resources Pte Ltd (“PMCR”), which owns two operating coal mines in Indonesia, has secured from Singapore private equit ...
Thursday, 03 July 14
BUMI TRANSFERS 19% OF KPC STAKE VALUED AT US$ 950 MILLION TO CIC
COALspot.com: PT. Bumi Resources announces that 19% of its holdings in Kaltim Prima Coal (KPC), valued at US$ 950 million, has been transferred to ...
Thursday, 03 July 14
PANAMAX : IN THE ATLANTIC, OWNERS ARE WILLING TO FIX AT ABOUT $2.5K PER DAY - FEARNEYS
Handy
In its latest weekly report, shipbroker Fearneys noted that, this week seems to have been more of a wait and see game between owners and ch ...
Wednesday, 02 July 14
NEWMONT FILES FOR INTERNATIONAL ARBITRATION ON ORE EXPORT BAN - THE JAKARTA POST
PT Newmont Nusa Tenggara (NNT), a subsidiary of United States-based Newmont Corporation, has filed for international arbitration against the govern ...
Wednesday, 02 July 14
THE PANAMAX MARKET CONTINUED TO BLEED FOR ANOTHER WEEK - INTERMODAL
COALspot.com: The Dry Bulk market succumbed to mounting pressure this past week, while the Capesize market proved unable to “save the day&rdq ...
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- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
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