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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, 15 May 14
USA COAL CONFERENCE
Press Release: IHS Inc. (NYSE: IHS), the leading global source of information and analysis, will host the Coal USA Conference, June 18-20, 2014, ...
Wednesday, 14 May 14
COAL PRICES IN CHINA HAVE DROPPED TO THEIR LOWEST LEVELS SINCE END-2008
COALspot.com: Coal prices in China have dropped to their lowest levels since end-2008, Fitch says in its latest rating report on one of the coal ...
Wednesday, 14 May 14
ALMOST THROUGH THE HALF OF THE YEAR, THE DRY BULK INDEX SHOW SIGNS OF WEAKNESS; CREATING TO BOTH EXISTING SHIP OWNERS AND POTENTIAL INVESTORS A LOT OF INSECURITY - PANOS MAKRINOS
Almost through the half of the year, the overall shipping market and more specifically the Dry Bulk Index show signs of weakness, creating to bo ...
Tuesday, 13 May 14
NPC COAL EXPORT VOLUMES PLUNGE TO 2.48 MMT WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 12 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Quee ...
Tuesday, 13 May 14
YET ANOTHER POSIDONIA EXHIBITION IS ON ITS WAY - INTERMODAL
With less than a month to go before another Posidonia exhibition starts and all the parties and celebrations get under way we thought that it wo ...
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- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- White Energy Company Limited
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
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