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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, 14 March 14
US, THE WORLD'S SECOND LARGEST COAL PRODUCER MINED 75.3 MMST OF COAL IN FEBRUARY; DOWN 10.88% M-M
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.7 million short tons (mmst) of coal ...
Thursday, 13 March 14
HANDY: THE FAR EAST MARKET IS IN AN UPWARD TREND - FEARNRESEARCH
Handy
Atlantic is a bit under pressure for spot tonnage, but the underlying sentiment is positive for the short medium future. 2-3 legs are do ...
Thursday, 13 March 14
MARKET INSIGHT - CHRISTOPHER T. WHITTY
By Christopher T. Whitty
Marketing Manager
Cotzias Intermodal Shipping Inc.
During the last year we have noticed that a fair number of ...
Wednesday, 12 March 14
ADARO ENERGY IMPROVES EFFICIENCY AND GENERATED STRONG EBITDA IN 2013
COALspot.com: PT Adaro Energy Tbk, Indonesia's single largest coal miner posted revenue of US$ 3.28 billion and cost of revenue of US$ 2.54 ...
Wednesday, 12 March 14
DGOMC OF INDONESIA REVISED DOWN THE BENCHMARK PRICES FOR COAL BY 4.26% IN MARCH
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised down the government's declared coal bench mark price ...
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- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- White Energy Company Limited
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Videocon Industries ltd - India
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
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