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