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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, 08 October 14
IS THERE ANY BRIGHT SIDE ON THE DRY BULK SEGMENT? - YANNIS OLZIERSKY
In the movie “Life Of Brian”, a character on a nearby cross was singing the famous “Always look on the bright side of life” ...
Tuesday, 07 October 14
TAIPOWER TO IMPORT 525K MT OF LOW ASH AND EXTRA LOW SULFUR SUB-BITUMINOUS COAL
COALspot.com: Taiwan Power Company intends to procure 525,000 metric tons of low ash and extra low sulfur sub-bituminous coal for Taipower thermal ...
Tuesday, 07 October 14
SUB-BIT FOB INDONESIA COAL SWAP SHOWS A FLAT TO WEAK TREND THIS PAST WEEK
COALspot.com: Indonesian coal swaps November 2014 delivery flat week on week and gained US$ 0.10 (-0.20%) per mt day on day. The swap also lost US$ ...
Tuesday, 07 October 14
THE RIO TINTO CONFIRMS THAT NO DISCUSSIONS ARE TAKING PLACE WITH GLENCORE
COALspot.com: The board of Rio Tinto notes the recent press speculation regarding a possible combination of Rio Tinto and Glencore.The Rio Tinto bo ...
Tuesday, 07 October 14
API 8 CFR SOUTH CHINA COAL SWAP HEADED SOUTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 1.10 (-1.64%) month over month and US$ 0.25 (-0.38%) ...
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- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Bhatia International Limited - India
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Australian Coal Association
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Vedanta Resources Plc - India
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
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