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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, 06 October 14
' COAL-BY-WIRE' FROM SUMATRA TO JAVA - THE JAKARTA POST
Coal from the island of Sumatra accounts for most of Indonesia’s low-grade lignite, a low-quality coal that receives a poor price in internat ...
Monday, 06 October 14
THE IRON ORE SHIPPING BUSINESS IS FACING SOME ROUGH SEAS - EAST ASIA FORUM
The impact of Chinese demand on global iron ore prices is well known. A less acknowledged consequence of China’s emergence is the transformat ...
Sunday, 05 October 14
BALTIC DRY INDEX SLIPS 1.14%; BALTIC PANAMAX INDEX GAINED 9.91% WEEK ON WEEK
COALspot.com: The BDI was down by 1.14 pct and closed at 1037 points this Friday.
The Cape index was down significantly week on week or lost 5 ...
Friday, 03 October 14
U.S. WEEKLY COAL PRODUCTION UP 5.8% TO 19.9 MMST
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.9 million short tons (mmst) of co ...
Thursday, 02 October 14
CAPESIZE - DULL AND WITHOUT MUCH DIRECTION AS IRON ORE AND COAL VOLUMES FAIL TO LIVE UP EXPECTATIONS
Handy
After the recent weeks´ rate increase in the Atlantic we see Panamaxes snapping up handymax and Supra cargoes at much lower levels, p ...
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- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- White Energy Company Limited
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Planning Commission, India
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
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