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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, 09 December 14
API 8 CFR SOUTH CHINA COAL SWAPS FELL 1.8% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.84 (-2.91%) month over month and US$ 0.95 (-1.52%) we ...
Monday, 08 December 14
GOVERMENT TO WITHDRAW CNC STATUS OVER SUSPECTED FLAWS - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to review the clean and clear (CnC) status held by ...
Monday, 08 December 14
FOB NEWCASTLE COAL SWAPS SLIP W-O-W AND M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.10 on 5 December after losing US$ 0.55 (-1.04%) month over ...
Sunday, 07 December 14
SUPRAMAX S8 ROUTE SLIGHTLY INCREASED WEEK ON WEEK
COALspot.com: The BDI continued its fall as cape index fell heavily week on week.
The BDI lost around14.83 pct within last five working day an ...
Saturday, 06 December 14
TANKER FLOATING STORAGE PLAYS COULD COME INTO PLAY IF VLCC RATES STAY AT CURRENT LEVEL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Contango: A phenomenon in commodities futures price curves where the delivery price of a futures contract is greater than the current price. With t ...
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- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- The University of Queensland
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Australian Coal Association
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Planning Commission, India
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Antam Resourcindo - Indonesia
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