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