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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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Saturday, 22 November 14
THE FALL IN BUNKER PRICES REDUCE FUEL COSTS SIGNIFICANTLY - BIMCO, PETER SAND
For a ship that burns 24 tonnes of fuel per day while steaming, fuel costs are reduced by as much as USD 1 million a year if current price level st ...
Saturday, 22 November 14
DRY BULKERS NEWBUILDING DELIVERIES REACHED 11.8 MILLION DWT DURING THIRD QUARTER, NET FLEET GROWTH FOR 2014 TO REACH 5% - HELLENIC SHIPPING NEWS
The dry bulk market has rebounded since its less than impressive performance since the start of the year, but overall, third quarter figures could ...
Friday, 21 November 14
BUMI ENTERS INTO CONDITIONAL SALE & PURCHASE AGREEMENT TO SELL FBS STAKE
COALspot.com: PT Bumi Resources Tbk, one of the Indonesia's largest coal producers confirms that it has executed a Conditional Sale and Purchas ...
Friday, 21 November 14
U.S LAST WEEK'S COAL PRODUCTION STAYS FLAT W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
Thursday, 20 November 14
MOST MAJOR ASIAN ECONOMIES TO BENEFIT FROM LOWER OIL - FITCH
COALspot.com: The 25% drop in the price of oil since July is likely to lift economic growth prospects, improve terms of trade, and have a pot ...
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- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Mjunction Services Limited - India
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
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