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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, 21 October 14
INDIA'S DIESEL DEREGULATION POSITIVE FOR OIL COMPANIES - FITCH
The Indian government's 18 October decision to deregulate diesel prices will have a positive effect on the national oil marketing companies tha ...
Tuesday, 21 October 14
LOW DEMAND PUTTING COAL SWAPS UNDER PRESSURE
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost on day, week and month.
The swap has lost US$ 1.57 (-3.04%) month on month ...
Monday, 20 October 14
CHINA'S ENVIRONMENTAL POLICIES DO NOT SPELL THE END FOR COAL - WOOD MACKENZIE
China's environmental policies do not spell the end for coal Analysis across energy commodities show coal still accounting for 64% of power mix ...
Monday, 20 October 14
CFR SOUTH CHINA COAL SWAPS FAILED TO PERFORM POSITIVE
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 3.04 (-4.57%) month over month and US$ 1.75 (-2.68%) week o ...
Sunday, 19 October 14
LOW DEMAND PUSHES DOWN COAL FREIGHT RATES; VOLATILITY CONTINUES
COALspot.com: This week all the segments softened including BDI except for Panamax index.
The BDI was down by1.70 pct and clsoed at 944 points ...
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Showing 3416 to 3420 news of total 6871 |
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- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Australian Coal Association
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- PTC India Limited - India
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
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