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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, 07 November 14
U.S. PRODUCED 85.60 MILLION SHORT TONS OF COAL IN OCTOBER, UP 2.88% M-O-M
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.0 million short tons (mmst) of coal ...
Thursday, 06 November 14
THE ATLANTIC HAS REMAINED STRONG WITH A HEALTHY SUPPLY OF NEW CARGOES
Handy
This week has continued its slow trend in both hemispheres and even though rates are a bit up w-o-w it is not a clear sign for any improvem ...
Wednesday, 05 November 14
CAPESIZE SEGMENT ENJOYED FIRMING RATES ACROSS BOTH BASINS
Following a fantastic week in terms of rate performance for Capes, the Dry Bulk market managed to note another positive weekly closing, which stron ...
Wednesday, 05 November 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
COALspot.com: The steep appreciation in dry bulker values between late 2012 and March 2014 resulted in unrealistically expensive ship values compar ...
Tuesday, 04 November 14
INDONESIAN COAL SWAPS FOR 2015 DELIVERIES SHOW A WEAK TREND
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week, the trend was same as las ...
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- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Tamil Nadu electricity Board
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