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