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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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Friday, 02 May 14
US WEEKLY COAL PRODUCTION RELATIVELY FLAT AT -0.1%, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.0 million short tons (mmst) of coal i ...
Friday, 02 May 14
DRY BULK MARKET SHOWING SIGNS OF COMEBACK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market which has been hovering below the 1,000-point market (BDI) during the past couple of weeks, could be exhibiting signs of a s ...
Thursday, 01 May 14
INDONESIA EXPORT BAN POINTS TO QUESTIONS OVER CHINA'S LONG-TERM BAUXITE SUPPLY - WOOD MACKENZIE
China’s Bauxite demand forecast to reach 240 million tonnes by 2030
In light of the Indonesian mineral ore ban that came into force o ...
Thursday, 01 May 14
DRY BULK MARKET STILL REELING UNDER PRESSURE FROM VARIOUS FACTORS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's revival is still overdue, as the industry's benchmark, the BDI is still lagging below the 1,000-point mark. In fac ...
Tuesday, 29 April 14
Q4 SUB-BIT INDONESIA COAL SWAP CLOSED US$ 1.07 HIGHER COMPARED TO Q2 DELIVERY PRICE
COALspot.com: Indonesian coal swaps for average Q2’ 2014 gain on month and on week according to AsiaClear OTC coal swap's reports rele ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
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