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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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Monday, 24 November 14
CHOPPY WATERS IN DRY BULK - SGX
COALspot.com: Dry bulk freight rates have experienced a sharp rise in volatility in recent weeks as bulk commodity supply has ramped up, said SGX i ...
Monday, 24 November 14
Q1 2015 FOB NEWCASTLE COAL SWAP CLOSED AT $ 52.73
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.73 on 21 November after losing US$ 0.40 (-0.75%) month ove ...
Monday, 24 November 14
CFR SOUTH CHINA COAL: Q2' 15 COAL SWAPS CLOSED LOWER COMPARED TO Q1' 15 SWAPS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 0.63 (-0.99%) month over month and US$ 0.12 (-0.19%) da ...
Sunday, 23 November 14
SPOT FREIGHT RATES IMPROVED SLIGHTLY OVER PREVIOUS WEEK
COALspot.com: The BDI was up 5.41 pct week on week and closed at 1,324 points on Friday. All the segments were up this week except Panamax index.&n ...
Sunday, 23 November 14
ITALY'S STEAM COAL IMPORTS TO DROP BY 11% IN 2014 - ASSOCARBONI
COALspot.com: Italy’s steam coal imports expected to drop to 16 million tons in 2014 (-11% compared to 2013); coking coal imports to plunge t ...
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- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Economic Council, Georgia
- Indian Energy Exchange, India
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- The University of Queensland
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
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