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