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