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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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Wednesday, 15 October 14
NEWCASTLE SHIPPED 13.96 MILLION TONS OF COAL IN SEPTEMBER; UP 5.72%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,227.7 wor ...
Tuesday, 14 October 14
KING COAL UNDER ATTACK? - EVA TZIMA
With the last quarter of the year being well underway and with no strong signs that the Dry Bulk market could be ready for a big positive reversal, ...
Tuesday, 14 October 14
THE NEW CHINESE TRANSPORTATION TAX LAW: WHAT DOES IT MEAN FOR GREEK SHIPPING? - DELOITTE
China has recently promulgated a new law which imposes tax on profits from freights of inbound routes. The objective of the new tax law titled &ldq ...
Monday, 13 October 14
CHINESE COAL IMPORT TARIFFS YET ANOTHER BLOW TO AUSTRALIAN COAL EXPORTS - TIM BUCKLEY
COALspot.com: China’s unexpected move to reintroduce thermal coal import tariffs of 6% will have a materially negative impact on the viabilit ...
Monday, 13 October 14
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 54.92, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for delivery Q4' 2014 decreased US$ 0.80 (-1.46%) month over month and US$ 0.52 (-0.95%) week over ...
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Showing 3431 to 3435 news of total 6871 |
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- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- The University of Queensland
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
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