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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, 31 October 14
BUKIT ASAM'S NET PROFIT ROSE 27.42% FOR THE PERIOD JANUARY - SEPTEMBER 2014
COALspot.com: Publicly listed coal miner Bukit Asam reported solid profits in the first nine months of 2014 year.
Coal miner Bukit Asam manage ...
Friday, 31 October 14
U.S PRODUCED AROUND 19.3 MMST OF COAL IN A WEEK
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.3 million short tons (mmst) of coal in ...
Thursday, 30 October 14
COAL & GRAINS SUPPORT PANAMAX AND IRON ORE SUPPORTS CAPES
Handy
The Atlantic market has been flat this week. Rates are up about US$ 200 from last week on the TA´s, but the volumes are about the sam ...
Thursday, 30 October 14
DOES A LOU ARBITRATION AGREEMENT FOR THE UNDERLYING CARGO CLAIM COMPLETELY REPLACE THE BILL OF LADING ARBITRATION CLAUSE? - INCE &CO
KNOWLEDGE TO ELEVATE
In the context of cargo claims brought under four bills of lading, the Commercial Court has recently considered whether a ...
Wednesday, 29 October 14
GOOD REASON WHY Q4 CAPESIZE OUTLOOK WAS SO BULLISH AT START OF THE YEAR - COMMODORE RESEARCH
COALspot.com: There was good reason why so many analysts' capesize outlook for Q4 was so very strong at the start of this year. Brazilian ...
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- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- White Energy Company Limited
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
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