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Wednesday, 03 December 14
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
 The dry bulk market seems unable to turn sentiment round and is still looking for direction. The BCI's 887-point free fall last week had an obvious negative influence on the market, decelerating the “positive” movement of the other dry bulker segments. Although average freight rates have improved considerably compared to average levels of Q3, they are still well below expectations built up before the last quarter. It is clear by now that this bitter taste will usher us into the New Year as well. Under the current freight environment and with rates looking unable to bounce back up for longer periods, it seems that investment interest is scaling back currently.
In the New Building sector, the very strong 2013 in terms of orders and the equally strong beginning of this year as well, originally allowed Shipbuilders to become more relaxed as their slots were fully booked for 2015 and the 1st half of 2016. As the last quarter of 2014 is nearing to its end, the lack of demand for securing new slots and the increasing number of non-effective orders has changed sentiment dramatically though, pushing yards to become more accommodating in their price expectations and even offer substantial discounts in certain cases. As a matter of fact, Top Chinese shipyards are currently willing to offer Ultramax and Kamsarmax slots at USD 27.0m and USD 29.0m respectively, but even prices like that are considered too expensive to attract the attention of owners who could be considering a newbuilding order. In the same spirit, resale candidates are also facing lack of interest as the current freight market is not tempting enough for an owner to pay the premium.
At the same time, the downward correction of demolition prices during the past weeks by more than $50/$60 per long ton, has had an immediate effect on older assets, although given the highs demo prices reached this year, even after such corrections, the current levels of $430/$440 per long ton, offered in the Indian sub-Continent for dry bulk units are still relatively attractive. Therefore vessels built up to 1995 are currently in the market for scrap related prices, with small differentiations relative to their size, SS/DD position and delivery place. Tonnages built within the first decade of 2000 enjoy the most interest, while at the same time these vessels present heavily corrected prices, which are comparable to 2012 levels.
The softening of Japan’s currency has simultaneously brought additional sale candidates in the market, with buyers concentrating in modern Japanese built tonnage with the view that a quick profit could be locked by what looks like another mini-cycle in terms of asset values. As evidenced by the table above table, vessels prices are very close to bottom levels reached back in the December 2012 – January 2013 period, while the freight market has been fairing at better levels compared to that period, possibly implying opportunities to be found in the second-hand market.
By Konstantinos Kontomichis, SnP Broker, Intermodal
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
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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Monday, 02 February 15
INDONESIA'S ADARO ENERGY PRODUCED 56.21 MILLION TONNES OF COAL IN 2014; UP 8% Y-O-Y
COALspot.com: PT. Adaro Energy, Indonesia’s largest coal producer, has increased coal production by 8% to 56.21 million tonnes (Mt) from both ...
Monday, 02 February 15
API 8 CFR SOUTH CHINA COAL SWAP PICKS UP W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.81 (-1.36%) per MT month over month and gained US$ 0.18&nb ...
Monday, 02 February 15
SOUTH KOREA'S KOMIPO INVITES BIDS FOR 280K MT OF SUB-BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 280,000 MT of Sub-bituminous coal coa ...
Sunday, 01 February 15
INDONESIA-TO-INDIA COAL FREIGHT RATES REMAIN WEAK NEXT WEEK
COALspot.com: The BDI continued its fall reached lowest levels since 1986 this week.
The BDI declined 15.55 pct to 608 points on Friday 30, Ja ...
Friday, 30 January 15
CONTANGO AND TANKERS - SKULD
KNOWLEDGE TO ELEVATE
Like an invitation to a dance, the word contango may have some people flustered, but for tanker owners this market phenome ...
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- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
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