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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, 21 February 14
INDONESIA PLAN TO CAP COAL OUTPUT AND HIKE ROYALTY; START MUSIC
COALspot.com: Energy and Mineral Resources Ministy of Indonesia is planning to increase the royalty for coal miners particularly for Mining Business ...
Friday, 21 February 14
THE WORLD'S SECOND LARGEST COAL MINER MINED 19.2 MMST OF COAL IN A WEEK, EIA SAYS
COALspot.com – United States the world’s second largest coal producer, mined approximately 19.2 million short tons (mmst) of coal in a w ...
Friday, 21 February 14
DRY BULK MARKET SHOWS SIGNS OF LIFE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has slowly started to emerge from the downfall it's been since the start of the year, as rates have began to pick up over the c ...
Friday, 21 February 14
INDONESIA COAL OUTPUT CAP TO HURT MINERS RELIANT ON VOLUME GROWTH, FITCH SAYS
Fitch Ratings says that the credit profiles of mining sub-contractors and miners highly reliant on increasing volumes to support high debt servicing w ...
Thursday, 20 February 14
LENGTHY DELAYS TO PANAMA CANAL EXPANSION POSE GLOBAL TRADE RISKS; US COAL PRODUCERS TO GREATLY BENEFIT ONCE COMPLETE, SAYS WOOD MACKENZIE
Wood Mackenzie expects the recent cost overrun disputes around the Panama Canal expansion to be resolved with limited disruption due to the signific ...
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- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- The University of Queensland
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
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