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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, 26 March 14
NEWBUILDING ORDERING ACTIVITY PICKS UP PACE ON IMPROVING DRY BULK MARKET CONDITIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The gradual improvement of the dry bulk market, as expected for some time now, is urging shipowners to increase their newbuilding ordering activ ...
Wednesday, 26 March 14
LARGE AMOUNT OF VESSELS CHARTERED TO HAUL IRON ORE CARGOES TO CHINESE BUYERS THIS WEEK - COMMODORE RESEARCH & CONSULTANCY
COALspot.com: Through the first three days of this week, 18 dry bulk vessels have been chartered to haul spot iron ore cargoes to Chinese buyers ...
Wednesday, 26 March 14
JOIN IN THE CLEAN COAL CASE STUDY WITH SINOPEC!
Produced by CDMC Events, The 13th Clean Coal Forum 2014 will be held on June 12,13, 2014 in Beijing, China. We are glad to invite Experts ...
Tuesday, 25 March 14
INDONESIAN SUB-BITUMINOUS COAL SWAP FOR Q2 DELIVERY CLOSED $ 57.40 PMT W/E 21 MARCH 2014
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 gained this pa ...
Tuesday, 25 March 14
NEWCASTLE COAL EXPORTS JUMP 29.16% TO 2.79 MMT WEEK ON WEEK
COALspot.com: In the week ended 24 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2.79 ...
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- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- MS Steel International - UAE
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- White Energy Company Limited
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
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