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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, 17 November 14
INDONESIAN COAL PRICE REFERENCE CONTINUES FREE FALL; SLUMPS TO 69-MONTH LOW
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in November. HBA for t ...
Monday, 17 November 14
API 5 FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED AT $ 52.75
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery has decreased US$ 1.77 (-3.25%) month over month and US$ 0.02 (-0.04%) day ...
Monday, 17 November 14
SOUTH CHINA COAL SWAP SLIGHTLY INCREASED WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.73 (-2.67%) month over month and US$ 0.10 (-0.16%) da ...
Sunday, 16 November 14
THE BDI LOST 12.59% WEEK ON WEEK; THE BCI LOST 19.95%
COALspot.com: The BDI fell 12.59 percent to 1256 point week on week on Friday 14 November. All the segments were also most down this week. The cape ...
Friday, 14 November 14
U.S. WEEKLY COAL OUTPUT SLIPS SLIGHTLY WEEK ENDING NOVEMBER 08
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
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- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- The University of Queensland
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Australian Coal Association
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
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