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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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- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Planning Commission, India
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
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