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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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Friday, 19 December 14
HOW WILL LOWER BUNKER PRICES AFFECT THE SUBSTANTIAL OVERCAPACITY IN DRY BULK MARKET? - BIMCO
As bunker fuel costs have come down from USD 600 per tonnes to USD 330 per tonnes in the past 6 months, much talk about increased ship speed have s ...
Friday, 19 December 14
U.S WEEKLY COAL PRODUCTION REACHED APPROXIMATELY 19.8 MMST; UP 1.0% WOW
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Friday, 19 December 14
HANDY: SOFTER TONE; PANAMAX: QUIET WEEK; CAPESIZE; PAINFUL WEEK
Handy
A softer tone for rates and volumes for the Supras, perhaps less apparent in the Pacific the last week before the season holidays and good ...
Thursday, 18 December 14
INDONESIA TO REVISE UP COAL OUTPUT TARGET TO 460 MILLION TONS IN 2015
COALspot.com: Indonesian government has revised up its next year coal output forecast to 460 million tons from its previous forecast of 421 million ...
Wednesday, 17 December 14
CAPES RATES SLIPPED BELOW $5,600/DAY, FELL 84% YOY
COALspot.com: In the very rare occurrence when the BCI stands below the BDI, words to describe market sentiment are probably poor, said Intermodal ...
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- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- White Energy Company Limited
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Australian Coal Association
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
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