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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 21 March 14
MERCURIA ANNOUNCES ACQUISITION OF J.P. MORGAN PHYSICAL COMMODITIES BUSINESS
COALspot.com: Mercuria Energy Group announced that it has reached a definitive agreement with J.P. Morgan Chase & Co. to acquire its physica ...
Thursday, 20 March 14
CAPESIZE: WEST AUSTRALIA TO CHINA RATES HAVE CLIMBED BACK TOWARD USD 11 PMT - FEARNRESEARCH
Handy
From a slight improvement in the Atlantic to a more mixed picture this mid week. North Atlantic rounds showing softening signs whereas S ...
Wednesday, 19 March 14
INSTEAD OF DECIDING WHETHER THE GLASS IS HALF FULL OR HALF EMPTY, I AM CURRENTLY GLAD THERE IS WATER IN THE GLASS - EVA TZIMA
By Eva Tzima
Research Analyst
Intermodal Research & Valuations
Right when you think that you have all your facts straight, right wh ...
Wednesday, 19 March 14
EUROCOKE SUMMIT 2014
Press Release: ThyssenKrupp, Steel Institute VDEh, SSI and more headline Smithers Apex’s Eurocoke Summit
The leading coke, coal and s ...
Wednesday, 19 March 14
DRY BULK MARKET REBOUND LEADS TO MORE NEWBUILDING ORDERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The steady rise of the dry bulk market, as evidenced by the return, yesterday, of the Baltic Dry Index above the 1,500-point mark (1,518), is fu ...
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- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Australian Coal Association
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- White Energy Company Limited
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
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