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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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Tuesday, 13 January 15
MORE PITFALLS FOR OWNERS LOOKING TO TERMINATE FOR UNPAID HIRE - INCE & CO
KNOWLEDGE TO ELEVATE
It is a debatable point whether or not the obligation to pay hire under a time charter is a condition of the contract or ...
Tuesday, 13 January 15
Q2 CFR SOUTH CHINA COAL SWAP DECLINED 8.66% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined by US$ 3.48 (-5.73%) month over month and US$ 2.35 (-3.94%) week ...
Tuesday, 13 January 15
Q1' 2015 RICHARDS BAY COAL SWAP SLIGHTLY HIGHER THAN Q2 & Q4 2015 SWAPS
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 7.21 ...
Monday, 12 January 15
COAL: LOW PRICES ARE EXPECTED TO DRIVE A SUPPLY-DRIVEN RECOVERY IN THE MEDIUM TERM - SGX
COALspot.com: Thermal coal prices dropped to six-year lows in 2014 driven by persistent oversupply, SGX says in its “ Commodities 2014 - A ye ...
Monday, 12 January 15
FREIGHT MARKET: 2015 FLEET SUPPLY GROWTH IS EXPECTED TO REMAIN SLIGHTLY AHEAD OF CARGO GROWTH - SGX
COALspot.com: The dry bulk freight market was forced to digest a number of negatives in 2014 leading the Baltic Dry Index to fall 66% through the y ...
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- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Australian Coal Association
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
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