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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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Friday, 14 November 14
MORE NATURAL GAS FROM RUSSIA TO HELP STABILISE CHINA PRICES - FITCH RATINGS
COALspot.com: Fitch Ratings has said possible additional natural gas supplies from Russia's OAO Gazprom to China via the Altai pipeline would h ...
Thursday, 13 November 14
SLOWER AND LOWER HAS BEEN THE TREND OF THE PANAMAX IN BOTH HEMISPHERES - FEARNLEYS
Handy
We are experiencing an oversupply of tonnage in the Atlantic which is out numbering the amount of cargoes, Fearnleys broker says in its lat ...
Thursday, 13 November 14
DRY BULK MARKET'S REBOUND HINGES ON IRON ORE OVERSUPPLY ISSUES MOVING FORWARD - HELLENIC SHIPPING NEWS
“One man’s benefit, is another man’s demise” is a phrase which can be used to describe today’s situation in the dry b ...
Thursday, 13 November 14
COAL MINISTER WANTS INDIA TO STOP COAL IMPORTS IN TWO OR THREE YEARS
COALspot.com: India to ramp up coal production to a billion tonnes by 2019 from its current level of 490 million tones. According to Power and Coal ...
Thursday, 13 November 14
MODERN DRY BULK SHIPS' PRICES START FIRMING UP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While the main story of the past few weeks has been the rebound of the dry bulk market, which has been a result of increased Chinese iron ore impor ...
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- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Australian Coal Association
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
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