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Wednesday, 26 February 14
SMALLER SIZE SEGMENTS HOLDING ON TO THEIR LEVELS; CAPES CORRECTING UPWARDS - INTERMODAL
Chartering (Wet: Stable- / Dry: Stable+)
The Dry Bulk market continued to improve this past week, on the back of rates for the smaller size segments holding on to their levels and those for Capes correcting upwards, while the spill-overs of the improved sentiment have yet to affect the Panamax market. The BDI closed today (25/02/2014) at 1,197 points, up by 23 points compared to yesterday’s levels (24/02/2014) and an increase of 51 points compared to previous Tuesday’s closing (18/02/2014). Rates for VLs stalled a bit as charterers took their time with the March schedule, while the rest of the crude carriers market enjoyed improvements positionally. The BDTI Monday (24/02/2014), was at 753 points, a decrease of 49 points and the BCTI at 606, an increase of 10 points compared to the previous Monday (17/02/2014).
Sale & Purchase (Wet: Stable+ / Dry: Stable+)
SnP activity has slowed down slightly this week, but at the same time second-hand prices remain on the rise while there is still plenty of buying interest to be found in the market. On the tankers side, we had the sale of the NICHIHIKO” (281,705dwt-blt 99, Japan), which was reported sold to Chinese buyer for a price of US$ 25.2m. On the dry bulker side, we had the sale of the “TRITON STORK” (56,024dwt-blt 04, Japan), which was also picked for a price of xs US$ 21.0m.
New building (Wet: Stable+ / Dry: Stable+)
Following a couple of weeks of stalling, newbuilding prices are on the rise again. With the average prices for all segments in the dry bulker and tanker sectors standing well above the average of both 2013 and 2012, it is interesting to make a couple of comparisons to the last time prices had reached these levels. Looking at Capes, the last time a new building was quoted at $ 56.0m was in January of 2011 when the average freight rate for the segment stood at around $ 10,000/day, almost identical to where it stands today. The last time a VL new building required $ 98.5m was around the end of 2011 when the average rate was in the $ 35,000/day region, which also coincides to today's levels. In hindsight, prices back then proved overinflated to the performance of the market but hopefully fundamentals are stronger this time around as the direction of the market has been upwards and not downwards as it was back in 2011 and two years down the line we won’t be looking back in 2014 as another time of over-excitement. In terms of new orders, Awilco AS has placed an order for two VLCCs (320,000dwt) at Daewoo, in S. Korea, for a price of $ 97.0m each and delivery set in 2016.
Demolition (Wet: Stable- / Dry: Stable-)
The demolition market is still reigned by Indian breakers, who currently appear to have ousted the rest of the competition from the race of securing demo candidates. As a matter of fact, with the exception of a couple of vessels, the rest of the deals reported this past week appear to have ended up in Indian hands. Breakers in the country have been enjoying the stability of the local currency, which posted its biggest winning streak against the US Dollar in the past couple of months after strengthening for three days in a row to this morning. At the time domestic steel mills have been preparing for another price hike, fact which offers further assertion to breakers operating in the country that their bids have been moving towards the right direction. While Bangladesh has managed to keep its prices stable, China and Pakistan appear to have no intention to compete at these high levels, with the former allowing for the gap between themselves and India to climb to over 120 $/ldt. Average prices this week for wet tonnage were at around 340-470$/ldt and dry units received about 330-460$/ldt.
Compiled by:
Intermodal Research & Valuations | research@intermodal.gr
Analysts:
Mr. George Lazaridis | g.lazaridis@intermodal.gr
Ms. Eva Tzima | e.tzima@intermodal.gr
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, 08 May 14
'TRIAL BY MEDIA, TRIAL BY LAW' - A REPORT FROM TRACK 1 OF BIMCO'S ANNUAL CONFERENCE DUBAI 2014
KNOWLEDGE TO ELEVATE
Aiming to bring a very different type of event into their annual conference, BIMCO presented ‘Double Jeopardy &n ...
Thursday, 08 May 14
INDONESIAN COAL PRICE REFERENCE IN MAY CRASHES THROUGH $74
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised down again the coal bench mark price by US$ 1.21 / MT to ...
Wednesday, 07 May 14
THE DRY BULK MARKET HAS NOTED ANOTHER WEEKLY POSITIVE GAIN
Chartering (Wet: Softer- / Dry: Stable+)
The Dry Bulk market has noted another weekly positive gain, driven by the Capesize segment, but we ne ...
Wednesday, 07 May 14
SGX ENHANCES ITS COMMODITIES PRODUCT OFFERING
COALspot.com: SGX is building up its bulk commodity product offerings with 9 more derivative contracts over the next 2 months, subject to regula ...
Tuesday, 06 May 14
NEWCASTLE COAL EXPORT SLIPS 7.92% WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 5 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland ...
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- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Deloitte Consulting - India
- VISA Power Limited - India
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- The University of Queensland
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Australian Coal Association
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
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