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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.
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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Wednesday, 21 May 14
SHIPPING: MARKET INSIGHT - GEORGE LAZARIDIS
The recent revision by the OECD of its global growth forecast has sparked a debate as to the potential outcome these new figures will have on seabo ...
Tuesday, 20 May 14
NEWCASTLE'S COAL EXPORT VOLUME UP 39.11 PERCENT WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 19 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, ...
Tuesday, 20 May 14
DRY BULK MARKET TO IMPROVE OVER THE COURSE OF 2014, BUT OVERSUPPLY STILL AN ISSUE SAYS BIMCO'S CHIEF SHIPPING ANALYST
As a gruelling first quarter edges closer to the end, dry bulk ship owners are looking at an improved second quarter demand, which, coupled with sl ...
Tuesday, 20 May 14
DRY BULK MARKET IS BOUND FOR A RECOVERY CLAIMS PARAGON SHIPPING'S HEAD MICHAEL BODOUROGLOU
The dry bulk market is bound for a recovery in the coming weeks, as the market will be better balanced, said Mr. Michael Bodouroglou, Chairman and ...
Monday, 19 May 14
INDO COAL SWAPS FOR AVERAGE Q3' 2014 DELIVERY LOST ON WEEK AND ON MONTH
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on week and on month according to AsiaClear OTC coal swap's reports release ...
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- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Australian Coal Association
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
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