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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, 28 January 14
DRY BULK SHIP OWNERS RETREAT TO OLD 'HABITS', REFUSING TO DEMOLISH OLD VESSELS, THREATENING MARKET RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
If one thing is clear as we reflect on the 2013 shipping markets, it's that ship owners took advantage of low prices, in order to acquire newer ton ...
Monday, 27 January 14
MERCATOR SINGAPORE REPORTS 52% INCREASE IN EBITDA FOR Q3 FY 2014 AS COMPARED TO PREVIOUS QUARTER
COALspot.com: Mercator Lines (Singapore) Limited, a leading Indian-owned international dry bulk shipping company that operates a fleet of fourteen d ...
Monday, 27 January 14
13TH CLEAN COAL FORUM 2014
COALspot.com: (Press Release) - Produced by CDMC Events, The 13th Clean Coal Forum 2014 will be held on June 12 &13 2014 in Beijing, China. We a ...
Monday, 27 January 14
Q3 & Q4 API 8 CFR SOUTH CHINA COAL SWAPS CONTINUE TO REMAIN WEAK
COALspot.com: API 8 CFR South China Coal swaps for average Q1 14 delivery lost 4.45 percent month on month and closed at US$ 79.05 per mt as on Frid ...
Monday, 27 January 14
Q3 2014 SUB-BIT INDONESIA COAL SWAP LOST GROUND, ENDS AT $60 PMT
COALspot.com – Sub-Bit Indonesia coal swap (FOB) for average Q1’ 14 delivery lost 2.29% pmt month on month on Friday 24 January 2014. Th ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Petron Corporation, Philippines
- Planning Commission, India
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- The University of Queensland
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
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