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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, 12 January 15
SHIPPING - CHALLENGES AND RESOLUTIONS - EVA TZIMA
Last year has without a doubt been another challenging one both for both our industry and our country. As Greece is currently dominated by election ...
Sunday, 11 January 15
BDI DECLINED 8% ON WEEK; BCI LOST 31%
COALspot.com: The BDI continued its decline in the first week of this year or lost 8 pct week over week. The BDI was closed at 709 points whi ...
Friday, 09 January 15
U.S. EASTERN SPOT STEAM COAL PRICES FELL IN 2014; ROSE IN WEST - EIA
U.S. Eastern spot steam coal prices declined in 2014 compared to 2013 levels because of a decline in steam coal exports.
According to U.S. Ene ...
Friday, 09 January 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 2.2% Y-O-Y
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.6 million short tons (mmst) of coal ...
Thursday, 08 January 15
INDONESIA PRESSES ON WITH HIGHER COAL ROYALTY FEE TO BOOST STATE REVENUE - JG
The Indonesian government is pressing on with its plan to raise the royalty charged to coal miners in order to increase state revenue, but the move ...
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- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
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