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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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Tuesday, 28 October 14
SGX'S FOB RICHARDS BAY COAL SWAP FOR DELIVERY Q1' 2015 CLOSED AT $ 68.07 ON 24 OCT
COALspot.com: API 4 FOB Richards Bay coal swap for Q4’ 2014 delivery decreased US$ 0.65 (-0.96%) month over month and increased US$ 1.79 (+2. ...
Tuesday, 28 October 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1' 15 DELIVERY CLOSED 3.68% LOWER MONTH ON MONTH
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week.
The swap has lost US ...
Monday, 27 October 14
GOVT PROMISES TO EASE LICENSING PROCEDURES IN MINING SECTOR - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to simplify the complicated licensing procedures i ...
Monday, 27 October 14
FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED $ 0.10 LESSER THAN Q4' 14 CLOSING OF $ 53.27 PMT
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.43 (-2.61%) month over month and increased US$ 0.05 (+0.09% ...
Monday, 27 October 14
CFR SOUTH CHINA COAL SWAPS PERFORMED POSITIVE THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 1.68 (-2.55%) month over month and increased US$ 0.87 (+1.3 ...
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- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- The University of Queensland
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
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