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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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Friday, 28 November 14
NEW BIMCO CLAUSE AIMS TO REDUCE SUPPLIERS' RELIANCE ON SHIP ARREST FOR CHARTERERS' UNPAID BUNKERS
KNOWLEDGE TO ELEVATE
Ship owners can, on occasion, find themselves in the invidious position of suffering unexpected loss of hire due to a tim ...
Friday, 28 November 14
JSW ENERGY AND GRM RESOURCES JOIN GLOBALCOAL
COALspot.com: globalCOAL® announced yesterday that two new Market Members have joined its online coal trading platform. According globaCOAL&rsq ...
Thursday, 27 November 14
MINING SERVICES TAX SPIKED BY 233% - BISNIS INDONESIA
COALspot.com: The Energy and Mineral Resources Department of Indonesia said the tax contribution from mining services sector in the 3rd Q 2014 ...
Thursday, 27 November 14
PANAMAX : EXPECTATION'S FOR A STRONG END OF YEAR RUSH, DISAPPEAR DAY BY DAY - FEARNLEYS
Handy
“We have experienced a firming market the last couple of weeks. More activity from cargo owners in the Atlantic and less available to ...
Wednesday, 26 November 14
OVERSUPPLY OF TONNAGE PUSHED PANAMAX SEGMENT DOWN FOR ANOTHER WEEK
COALspot.com: The Dry Bulk market managed to reverse its course from the week prior and with the sole exception of the Panamax segment, we witnesse ...
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- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Australian Coal Association
- Economic Council, Georgia
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
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