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Wednesday, 30 April 14
FREIGHT MARKET FOR DRY BULKERS STILL REMAINS WEAK - INTERMODAL
 One week after the Easter holiday and the celebration for the resurrection of Christ, everybody expected to see a similar sign of a revival in the market too, or hoped for at least a small positive correction, however, so far, it seems that this is not something that will happen anytime soon.
While the freight market for dry bulkers still remains weak, additional issues are weighing on rates as well; one of them being the recently reported difficulties faced by most of the top Shandong Soybean importers to obtain L/Cs from the banks, which drove them to cancel a number of contracts. It is also worth mentioning that, together with them, other private coal traders based in Guangdong seem to be facing similar difficulties in concluding import contracts as well.
The poor freight market has also been quickly affecting the activity in the SnP market, as compared to the last months we see less and less Buyers interested in acquiring second hand tonnage. At the same time, the few Buyers that are still inspecting are offering well below the levels of the last done sales. As a result, they either push Sellers to withdraw their ships from the market altogether or invite interested parties to a second round of inspections at a later port call, hopping to gain some time before the market starts improving again.
A good example of the above, is a Japanese controlled 2002 Imabari built Panamax vessel, which was on the market for sale, however rumours are saying that only two parties proceeded with an inspection and that the figures they offered were not even close to Sellers ideas, so Owners decided to keep her on the market and invite a second round of inspections. A similar case is that of a 2002 built Handymax , which was reported sold last week; however we understand that the vessel still remains free and Owners are once again inviting inspections at the next port call.
A similar case of downward pointing prices is also being witnessed in the resale market, where Owners, who had contracted their ships sometime during the beginning of 2013 at fairly low levels (compared to recent deals), tried to get advantage from the firming prices of the last months by selling their tonnage. As a result we witnessed an overwhelming amount of resale tonnage in the market, even by top quality shipyards, which caused an inevitable oversupply especially as Buyers started to step back from further purchases.
In the new building market we are seeing some slots opening, as it seems that certain Buyers didn't exercise their options, but these are only a few, especially for reputable shipyards, and new building prices currently appear fairly shielded by the bad performance of the market at this stage.
Unfortunately for Sellers, today’s market is not very promising and it seems that, if they do remain Sellers, they will have to compromise and drop their ideas, so that the sale price conforms to the current freight environment. On the other hand, if you are a Buyer today, this could possibly be the correction you have been waiting for to help you get back in the game before another round of firming second hand prices washes over the market 2013 style…
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, 26 June 14
COAL DIVESTMENT CAMPAIGNS COME WITH RISKY UNINTENDED CONSEQUENCES - WCA
Last week I presented to the Expert Group on investments in coal and petroleum companies, the body set up to advise the Norwegian Government on whe ...
Wednesday, 25 June 14
INDONESIAN COAL EXPORTS ON RISE; EARNINGS FALL ON LOWER SELLING PRICES
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.84* ...
Wednesday, 25 June 14
THE PANAMAX MARKET REACHED FRESH LOWS FOR THE YEAR, SAYS INTERMODAL
COALspot.com: The Dry Bulk market closed off the week noting a slight decrease, but this image of stability is merely representative of freight rat ...
Wednesday, 25 June 14
SHIPPING: MARKET INSIGHT - YANNIS OLZIERSKY
During his recent visit in London, China's Premier, Li Keqiang, announced that China's economy, the world's second largest after the US ...
Tuesday, 24 June 14
INDONESIAN COAL MINER TARGETS RP 313 BILLION IPO
COALspot.com: Indonesian coal miner PT Mitrabara Adiperdana is aiming to raise up to Rp 313 billion to Rp 368 billion (approximately $26.133 millio ...
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- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Australian Coal Association
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- White Energy Company Limited
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
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