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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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- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- PTC India Limited - India
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
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