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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, 30 December 14
INDIA INC TO BENEFIT AS IMPORTED COAL PRICES SET TO FALL - RAHUL PRITHIANI
The Hindu: India‘s coal import volumes are set to rise by over 30 per cent over the next two years to 214 million tonnes in 2015-16, as domes ...
Tuesday, 30 December 14
U.S WEEKLY COAL PRODUCTION ALMOST FLAT AT -0.2%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Monday, 29 December 14
CHINESE COAL IMPORTS: REGULATORY RISKS? - CLARKSONS
In recent years, Chinese seaborne coal imports have surged, registering average growth of 67% p.a. between 2009 and 2013 to total 265mt. However, t ...
Monday, 29 December 14
BULK MARKET ENDS YEAR ON SOUR NOTE, SHIPBROKER SEES 'BUMPY ROAD AHEAD' - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
2014 was supposed to be the year that the dry bulk market would stage a comeback and a sustainable one for that matter. However, while for the most ...
Monday, 29 December 14
Q1'15 CFR SOUTH CHINA COAL SWAP CLOSED AT $59.42
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.51 (-5.58%) month over month and US$ 0.08 (-0.13%) ...
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- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
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