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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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Wednesday, 26 November 14
SHIPPING MARKET INSIGHT - EVA TZIMA
The tanker market has been enjoying some good returns lately. Ok, that may be a big understatement, but with all the ups and downs of the past year ...
Tuesday, 25 November 14
FISCAL BREAKEVEN OIL PRICES SHOW SOVEREIGN VULNERABILITY - FITCH
COALspot.com: The vulnerability of the sovereign credit profiles of net oil exporters, as shown by their fiscal breakeven oil prices, suggests that ...
Tuesday, 25 November 14
UK: TRIBUNAL RULES ON SPEED AND PERFORMANCE CLAIMS UNDER TWO CONSECUTIVE TIME CHARTERPARTIES - REED SMITH
KNOWLEDGE TO ELEVATE
“Owners not to be responsible if the vessel under the currency of this charter party stays at port or anchorage or ...
Tuesday, 25 November 14
FOB RICHARDS BAY COAL SWAP FOR Q4' 15 DELIVERY CLOSED AT US$ 68.20
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 gained month on month, week on week and day over day.
The Q1 swap has gain ...
Tuesday, 25 November 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT $ 49.55
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week.
The Q1 swap has lost US$ 0.12 (-0.24%) ...
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- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Australian Coal Association
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- White Energy Company Limited
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
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