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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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Thursday, 27 February 14
SHIPPING LOANS WORTH $5 BILLION HAVE CHANGED HANDS OVER THE PAST YEAR, AS FUNDS INVEST IN SHIPPING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Funds investing in shipping has been the "talk of the town" over the past couple of years, as institutional investors, private equity and ...
Thursday, 27 February 14
NEWCASTLE COAL EXPORTS SLIP 26.68 PERCENT WEEK ON WEEK
COALspot.com: In the week ended 24 February 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2. ...
Tuesday, 25 February 14
GBCE, A COAL UPGRADING TECHNOLOGY DEVELOPER, APPOINTS RICHARD BULMAN AS PROJECT DIRECTOR
Press Release: GB Clean Energy Ltd. (GBCE) announced today the appointment of Richard Bulman as Project Director. In this capacity Mr. Bulman ...
Tuesday, 25 February 14
ULTRAMAXES ARE THE 'WEAPON OF CHOICE' FOR DRY BULK SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's been a busy start in 2014, as the first month of the year was a rather active in terms of second hand vessel purchases and newbuilding orderin ...
Tuesday, 25 February 14
SGX'S MONTHLY VOLUMES DRASTICALLY INCREASED AND REACHED A RECORD OF 810K TONNES YEAR-ON-YEAR
COALspot.com: SGX Thermal Coal derivatives started the new year with record volumes in January on the back of higher volatility, says SGX.
Accord ...
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- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- White Energy Company Limited
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Planning Commission, India
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
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