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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, 26 January 15
API 8 CFR SOUTH CHINA COAL SWAP CONTINUE TO SLIDE M-O-M; ROSE W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.79 (-1.33%) per MT month over month and gained US$ 2.10&nb ...
Sunday, 25 January 15
PANAMAX FREIGHT RATES STILL FALLING
COALspot.com: The BDI was slightly down this week to 720 points. The BDI lost 2.83 pct week on week.
The cape index continued its upward trend ...
Friday, 23 January 15
U.S. WEEKLY COAL PRODUCTION FOR WEEK ENDING JAN. 17 UP 2.5%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.4 million short tons (mmst) of coal ...
Thursday, 22 January 15
PANAMAX: A SOFTER TONE AND OVERALL A SLUGGISH MARKET - FEARNLEYS
Handy
The handy and supra market has experienced yet another week with slow activity and softening rates in both hemispheres, broker Fearnleys AS ...
Thursday, 22 January 15
BUMI RESOURCES POSTS NET INCOME OF $13.3 MILLION 9M-2014
COALspot.com: Bumi Resources, Indonesia’s largest coal miner, reported today that, the company has recorded a net income of $13.3 million for ...
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- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- White Energy Company Limited
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- The University of Queensland
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Planning Commission, India
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
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