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