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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, 08 May 14
'TRIAL BY MEDIA, TRIAL BY LAW' - A REPORT FROM TRACK 1 OF BIMCO'S ANNUAL CONFERENCE DUBAI 2014
KNOWLEDGE TO ELEVATE
Aiming to bring a very different type of event into their annual conference, BIMCO presented ‘Double Jeopardy &n ...
Thursday, 08 May 14
INDONESIAN COAL PRICE REFERENCE IN MAY CRASHES THROUGH $74
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised down again the coal bench mark price by US$ 1.21 / MT to ...
Wednesday, 07 May 14
THE DRY BULK MARKET HAS NOTED ANOTHER WEEKLY POSITIVE GAIN
Chartering (Wet: Softer- / Dry: Stable+)
The Dry Bulk market has noted another weekly positive gain, driven by the Capesize segment, but we ne ...
Wednesday, 07 May 14
SGX ENHANCES ITS COMMODITIES PRODUCT OFFERING
COALspot.com: SGX is building up its bulk commodity product offerings with 9 more derivative contracts over the next 2 months, subject to regula ...
Tuesday, 06 May 14
NEWCASTLE COAL EXPORT SLIPS 7.92% WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 5 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland ...
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- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- The University of Queensland
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
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