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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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Tuesday, 04 March 14
AUSTRALIA'S NPC TO SHIP 11.85 MMT OF COAL IN MARCH
COALspot.com: In the week ended 3 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 3.15 m ...
Tuesday, 04 March 14
HIGHER PRICES AND STEADY FREIGHT RATES LEAD SHIP OWNERS TO TEMPORARILY HALT SECOND HAND VESSEL PURCHASES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the dry bulk market has kept on improving, but at a very slow rate, ship owners have elected to take a step back from the flurry of the S&P m ...
Monday, 03 March 14
SUB-BIT INDONESIA COAL SWAP (FOB) FOR AVERAGE Q115 CLOSED AT $60.28, $ 1.70 HIGHER THAN 2Q14
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 slightly corrected do ...
Monday, 03 March 14
API 8 CFR SOUTH CHINA SWAPS: Q4' 2014 DELIVERY CLOSED US$ 1.40 HIGHER COMPARED TO Q2' 2014 DELIVERY
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 1.90 percent month on month and closed at US$ 76.27 per mt as on Fr ...
Monday, 03 March 14
COSTS LIABILITY PASSING DOWN A CHARTERPARTY CHAIN - SKULD
KNOWLEDGE TO ELEVATE
Provided that charterparties are on back to back terms, and the claim is successful, liability for costs incurred shoul ...
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- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Australian Coal Association
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- The University of Queensland
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- London Commodity Brokers - England
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
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