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