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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 03 December 14
PROGRESSING SMELTER PROJECTS IN INDONESIA
Press Release: Indonesia’s ban on ‘raw mineral export’ that was designed to encouraging downstream investment in mineral processi ...
Wednesday, 03 December 14
CAPESIZE DRY BULK CARRIERS ENTER 2015 WITH MIXED FORTUNES, WITH A POSITIVE AND A NEGATIVE SCENARIO BOTH EMERGING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The future of the Capesize dry bulk market appears to be engulfed from mixed “feelings” among analysts and market participants, despite ...
Tuesday, 02 December 14
KEY PLAYERS SHED NEW PERSPECTIVES ON COAL MARKETS
Press Release: Singapore’s ONLY and longest established Coal Trade event. Whilst Coal prices remain challenging, there is widespread consensu ...
Tuesday, 02 December 14
KOMIPO INVITES BIDS FOR 585,000 METRIC TONS OF COAL FOR Q1'15
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids for the supply of 585,000 Metric Tons of coal. According to invitation, 5700 ...
Tuesday, 02 December 14
U.S WEEKLY COAL PRODUCTION FELL 1.4% WEEK ON WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.6 million short tons (mmst) o ...
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- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- VISA Power Limited - India
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
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