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