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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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Saturday, 03 January 15
U.S WEEKLY COAL PRODUCTION FELL 11.2% TO 17.6 MMST WEEK OVER WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.6 million short tons (mmst) of coal ...
Thursday, 01 January 15
FOB RICHARDS BAY COAL SWAPS CLOSED AT $63.47 PMT ON 26 DEC, SGX DATA SHOWS
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 3.37 (-4. ...
Wednesday, 31 December 14
COASTAL ENERGEN (C&O) COMMENCES 1ST UNIT OF 1200 MW POWER PLANT IN INDIA
COALspot.com: Coastal Energen, part of the Coal & Oil Group, announced last week the commissioning and commencement of power production at the ...
Wednesday, 31 December 14
SUB-BIT INDONESIA COAL Q2' 15 DELIVERY SWAP CLOSED 1.03% LOWER COMPARED TO AVERAGE Q1' 15 DELIVERY PRICE - SGX
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and gained week over week.
The Q1 swap has lost US$ 1.35 (-2 ...
Tuesday, 30 December 14
SHIP PRICES KEEP ON FALLING, SALES COME EARLY FOR SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship prices keep on falling on the back of low freight rates. According to the latest report from shipbroker Allied Shipbroking, January sales seem ...
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- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Marubeni Corporation - India
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
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