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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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Friday, 30 January 15
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED 65.7 MMST
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.9 million short tons (mmst) of coal ...
Friday, 30 January 15
CAN BULKER CONVERSIONS SPOIL THE TANKER MARKET'S PARTY? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Oversupply of tonnage has always been in the back of the head of ship owners when it comes to taking advantage of favorable market conditions. As s ...
Thursday, 29 January 15
CHINA ENERGY DEMAND MUST BE REVIEWED DUE TO FUNDAMENTAL ECONOMIC CHANGES - WOOD MACKENZIE
New patterns emerging as energy demand growth decoupled significantly from GDP growth for the first time in 2014
Wood Mackenzie says 2014 was ...
Thursday, 29 January 15
CAPE MARKET IS STILL STRUGGLING WITH LOW DEMAND AND LOW COMMODITY PRICES
Handy
Supramax rates are heading south with slipping rates all across the block. USG activity is slow with mid-week levels in the mid 8.000s, Fea ...
Wednesday, 28 January 15
MARKET INSIGHT - STELIOS KOLLINTZAS
With most traders having returned to action from year end festivities, we have already seen signs of activity in the specialized product markets. L ...
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- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Parliament of New Zealand
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
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