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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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- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
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