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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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Thursday, 20 November 14
HANDY: INDO ROUNDS ARE BEING FIXED IN REGION OF US$ 10K - FEARNLEYS
Handy
In the Atlantic we have experienced firmer rates this week much lead by the grain activity out of USG. Vsls open in the USG can achieve in ...
Thursday, 20 November 14
DEMAND FOR DRY BULK CARRIERS INCREASES ON THE BACK OF HEIGHTENED FREIGHT RATE MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners are looking to take advantage of favorable market conditions through the acquisition of more dry bulk carriers. According to shipbroker ...
Wednesday, 19 November 14
INDONESIA FUEL-PRICE RISE A CLEAR, POSITIVE REFORM SIGNAL - FITCH
COALspot.com: Indonesia's hike of more than 30% in administered fuel prices, announced on 17 November, provides a clear, positive signal of the ...
Wednesday, 19 November 14
CAPES WERE UNDER PRESSURE; LOST 20% WITHIN A WEEK
COALspot.com: " The negative environment in which the week prior ended, marked this past week as well, which closed off on Friday noting the f ...
Wednesday, 19 November 14
SHIPPING MARKET INSIGHT - BY KATERINA RESTIS
The current Ebola outbreak in West Africa has been declared as a worldwide health emergency by the World Health Organization and has had a great im ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Planning Commission, India
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
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