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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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Thursday, 16 October 14
ARE WE GOING TO SHOOT OURSELVES IN THE FOOT ONCE AGAIN? - PANOS MAKRINOS
As the East part of our globe was coming back from its October holidays last week, everyone expected that the Dry Bulk market would follow suit and ...
Wednesday, 15 October 14
PANAMAX: ACTIVITY IN THE PACIFIC WAS UNIMPRESSIVE
The Dry Bulk market noted another weekly decline last week, while the BDI moved below 1,000 points taking down with it expectations that a post hol ...
Wednesday, 15 October 14
INDONESIAN COAL PRICE REFERENCE FELL TO FRESH MULTI-YEAR LOWS IN OCTOBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in October 2014.
...
Wednesday, 15 October 14
DRY BULK SHIPPING: RATE IMPROVEMENTS ARRIVED AS FORECAST, BUT UNCERTAINTY MOUNTS FOR 2015 DEMAND - BIMCO
BIMCO released its latest short term assessment of the dry bulk market, estimating that over the October-November period, the level of Capesize TC ...
Wednesday, 15 October 14
SHIPOWNER NOT LIABLE FOR CARGO DAMAGE RESULTING FROM POOR STOWAGE - CLYDE & CO
KNOWLEDGE TO ELEVATE
Russian metal trading company Yuzhny Zavod Metall Profil (YZMP), the holder of a CONGEN 1994 bill of lading, took delivery o ...
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- The University of Queensland
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Parliament of New Zealand
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- White Energy Company Limited
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Economic Council, Georgia
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
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