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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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Wednesday, 02 April 14
CHINA: ARBITRATION CLAUSES IN BILLS OF LADING UNDER CHINESE LEGAL PRACTICE - SKULD
KNOWLEDGE TO ELEVATE
Successful incorporation of a charterparty arbitration clause into the bills of lading is not a straight forward matte ...
Wednesday, 02 April 14
BPI BREAKING BELOW THE 1,000 PSYCHOLOGICAL LEVELS - INTERMODAL
Any resistance put forth by the Dry Bulk market the week prior was succumbed this time round. All indices slid and losses were noted across the ...
Tuesday, 01 April 14
NEWCASTLE PORT SHIPPED 11.95 MILLION TONS OF COAL IN MARCH 2014
COALspot.com: In the week ended 31 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2 ...
Monday, 31 March 14
SHIPPING CONFIDENCE HITS HIGHEST LEVEL SINCE 2008 - MOORE STEPHENS
Overall confidence levels in the shipping industry rose to their highest level for almost six years in the three-month period to February 2014, ...
Monday, 31 March 14
COAL SWAP FOR Q1 2015 DELIVERY HAS CLOSED 4.76% HIGHER COMPARED Q2 14 CLOSING
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
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- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Australian Coal Association
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
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