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