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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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- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
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