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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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Monday, 13 October 14
INDONESIAN COAL SWAPS FOR DELIVERY Q4' 2014 GAINED WEEK ON WEEK AND DAY ON DAY
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 gained week on week and day on day.
The swap lost US$ 0.13 (-0.25%) month on mon ...
Monday, 13 October 14
Q1' 2015 CFR SOUTH CHINA COAL SWAP CLOSED US$ 0.31 PMT HIGHER THAN Q4' 2014 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 0.66 (-1.00%) month over month and US$ 0.40 (-0.61%) ...
Sunday, 12 October 14
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE WEAK - VISTAAR
COALspot.com: This week all the segments softened. The BDI down 7.13 pct week on week and closed below 1000 points at 963 points.
The Cape ind ...
Saturday, 11 October 14
COAL PRODUCTION RISES ONLY SLIGHTLY AS GOVT LIMITS MINING OPERATIONS - THE JAKARTA POST
Indonesian coal production rose by only 4 percent in the first nine months of this year, a relatively low increase compared to previous years, as t ...
Friday, 10 October 14
INDONESIA TO DEVELOP DOWNSTREAM COAL INDUSTRY - JP
The government is planning to launch a program to develop the downstream coal industry to increase the commodity’s added value, an official h ...
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- Deloitte Consulting - India
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Planning Commission, India
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
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