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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, 29 December 14
SGX'S FOB NEWCASTLE COAL SWAPS IMPROVED W-O-W, LOST M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.44 per MT (-2.73%) month over month and gained US$ 0.36 (+0.71%) ...
Friday, 26 December 14
SHIPS FACE LOWER SULPHUR FUEL REQUIREMENTS IN EMISSION CONTROL AREAS FROM 1 JANUARY 2015 - IMO
Ships trading in designated emission control areas will have to use on board fuel oil with a sulphur content of no more than 0.10% from 1 January 2 ...
Wednesday, 24 December 14
CAPE DEMAND WAS STILL EXTREMELY SOFT THIS PAST WEEK ACROSS BOTH BASINS - INTERMODAL
COALspot.com: The performance of the Dry Bulk market, which found itself in desperate search of support for yet another week, has left very little ...
Wednesday, 24 December 14
MARKET INSIGHT - JOHN N. COTZIAS, INTERMODAL SNP BROKER
The year is coming to an end, and we should be able to assess if this was a good year, a bad year, or even a lousy one? The answer clearly de ...
Tuesday, 23 December 14
Q1'15 FOB INDONESIA COAL SWAP GAINED 48 CENTS IN ONE WEEK
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and gained week over week and day on day.
The Q1 swap has lo ...
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- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Australian Coal Association
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- PTC India Limited - India
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Planning Commission, India
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