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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, 12 December 14
U.S WEEKLY COAL PRODUCTION UP 3.4% W/E DECEMBER 6
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.6 million short tons (mmst) of coal ...
Wednesday, 10 December 14
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS, INTERMODAL
COALspot.com: As 2014 is coming to an end, we look back to what has happened during the year and notice that SnP activity has been particularly sof ...
Wednesday, 10 December 14
WORLD HARD COAL MARKET 2014: PRODUCTION AND TRADE STAGNATING, IMPORTS TO GERMANY AND EUROPE ON THE DECLINE
Press Release: German Coal Importers Association (VDKi) criticizes regulations ordering reduction of CO2 emissions from coal-fired power plants as ...
Tuesday, 09 December 14
PRESSURE ON CHINA COAL MINERS TO CONTINUE DESPITE GOVERNMENT SUPPORT - FITCH
COALspot.com: Fitch Ratings says that Chinese coal mining companies will continue to be pressured by low prices, which will persist despite recent ...
Tuesday, 09 December 14
Q4' 2015, FOB INDONESIA COAL SWAP CLOSED AT $ 49.02 W/E 5 DEC
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 0.2 ...
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- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- White Energy Company Limited
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
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