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Wednesday, 30 September 15
NEW BUILDING MARKET INSIGHT
 COALspot.com: This year has been, beyond any doubt, a rather strenuous one for the newbuilding market. Ordering activity with regards to Dry Bulkers has been severely impacted by poor freight rates and the very attractive prices at which the second hand tonnage is offered right now. Moreover, the oversupply of tonnage in the sector that is most likely to persist for some time, despite this year’s increased demolition activity, makes investment in newly constructed vessels even less attractive. Occasional spikes in freight rates are also not expected to positively affect newbuilding activity in the sector as long as market sentiment remains poor. Hence new contracts for large sized vessels are almost absent and when signed they are in the majority of the cases tied to specific projects.
On the other hand, things in the Wet sector are definitely better. Healthy rates due to a more balanced supply of tonnage and good market sentiment backed by strong market fundamentals and a sense of optimism for the future have kept newbuilding activity in the sector live and kicking. What is of significant importance is that contracting activity is observed for all vessel sizes from specialized small vessels to VLCCs, with the latter as well as MRs being very popular among owners. At the same time the trend of converting originally dry bulk orders to tanker ones has gathered a lot of momentum during the first half of the year, resulting in a further squeeze of the dry bulk orderbook and scheduled deliveries.
Given the fact that a number of shipyards have been dealing with substantially fewer orders this year when compared to 2014 it comes as no surprise that newbuilding prices have been moving south for quite some time now. We are currently standing at price levels, with minimum exceptions, below the average level of 2014 and in the case of Dry Bulk sector, very close to those in 2013, which admittedly are attractive but still fail to convince more owners to head to the yards. The aforementioned reality has led Shipyards into severe financial distress with yards in South Korea drawing up plans for restructuring to cut operational costs, while at the same time China’s shipbuilding industry have been shrinking with yards there struggling to secure orders amidst mounting economic difficulties.
The next year is not expected to hide any significant changes in the newbuilding market environment, while if the number of yards squeezes and the freight market for both tanker and dry bulkers shows a more stable picture for extended period of times, we believe that newbuilding ordering might achieve healthier volumes.
By Vassilis Logothetis
Research Analyst
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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 12 October 15
DRY BULK SHIPPING: MARKETS ARE SLOWLY IMPROVING FROM A VERY LOW LEVEL AS THE DEMAND SIDE FALTERS - HELLENIC SHIPPING NEWS
The dry bulk market is in the midst of a shift in demand patterns, which coupled with a tonnage supply overhang, has been facing headwinds over the ...
Monday, 12 October 15
BDI WEIGHED DOWN BY CAPE
COALspot.com: The BDI (Baltic Dry Index) has come back down again this week. The BDI is a benchmark index used to assess the overall cost of moving ...
Sunday, 11 October 15
TANKER SHIPPING: MORE OPTIMISM IN SIGHT FOR TANKERS IN THE WINTER SEASON - BIMCO
Demand:
2015 has been the year of the tanker. The fundamental improvements with slow supply-side growth for some years coupled with low oil pri ...
Friday, 09 October 15
US WEEKLY COAL OUTPUT UP 1.2 PERCENT TO 17.7 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.7 million shor ...
Thursday, 08 October 15
CAPESIZE: MOST PEOPLE AGREE A SPIKE IN RATES WILL HAPPEN; WHEN, HOW LONG AND HOW SUBSTANTIAL? - FEARNLEYS
Cape
Depressives start of the fourth quarter, with c3 approaching USD 12 pmt and c5 presently in the mind 5's. According to Fearnleys ship br ...
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- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- London Commodity Brokers - England
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
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