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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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Saturday, 06 December 14
MUNDRA PORT MAKES HISTORY BY HANDLING THE LARGEST BULK CARRIER TO CALL ON WEST COAST OF INDIA
COALspot.com: Adani Ports & SEZ Ltd, India’s largest port developer and part of Adani Group, yesterday said its Mundra Port successf ...
Friday, 05 December 14
CHINESE SPECIAL STEEL MAKERS' RISK PROFILES MORE RESILIENT - FITCH
Fitch Ratings says the risk profiles of Chinese makers of special steel, especially high-end products, are more like those of manufacturers and mor ...
Friday, 05 December 14
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED AROUND 905 MMST - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19 million short tons (mmst) of coal i ...
Thursday, 04 December 14
CAPE MARKET IS DEVELOPING FROM BAD TO WORSE
Handy
The Atlantic market has been pretty stable and balanced this week, Fearnleys AS says in its latest weekly report.
The broker furt ...
Thursday, 04 December 14
DRY BULK MARKET; ANOTHER DISAPPOINTING WEEK
COALspot.com: For those who have been hoping to see alignment of freight direction across the Dry Bulk market, this must have been another disappoi ...
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Showing 3326 to 3330 news of total 6871 |
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- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Australian Coal Association
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- The University of Queensland
- Economic Council, Georgia
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Minerals Council of Australia
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
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