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Wednesday, 11 December 13
BDI REACHED A PEAK OF YEAR RECORD OF 2,237 POINTS WHICH IS A SIGNIFICANT CHANGE IN MARKET CONDITIONS
 Getting closer to the end of 2013, it is important that we have a review of the course the market has taken these past 12 months by looking at the BDI today and where it was this time last year. Last December, after having witnessed a small rally in the final quarter of 2012, the BDI had just managed to climb above 1,000 points. This level also proved to be the main psychological barrier for much of 2013, with the index remaining below this level up until late June.
It was not until September that we really started to see a change in market conditions and the BDI breaking free to reach a peak of 2,146 points in early October and then a more recent year record of 2,237 points reached today. This was therefore a significant change in market conditions and although the Index doesn’t reflect the physical market 100%, it provides a general upbeat approach, while at the same time it is certain that we no longer find ourselves in a market were rates are close to breakeven levels.
On the other hand, the sudden upward boom has created a lot of skepticism amongst players in the SnP market. This past month in particular, we have seen asset prices increasing considerably and Sellers’ price ideas shifting week by week. A good example of this is that of a 1999 Japanese blt Panamax which would have been sold at close to USD 9.5mill in January, while only a few days ago similar vessels where changing hands at around USD 14.5mill.
These large shifts in prices have created significant problems amongst certain potential Buyer. We are starting to distinguish two distinct types of buyers emerging in this market; the ones that believe that they missed the perfect timing and are in a hurry sometimes to even pay a premium for a vessel and those who are worried that periodically the market will dip back down to the levels we witnessed in the 1Q2013 weighing down on prices again.
2013 was very intense for the SnP market. Greek ship owners invested a considerable amount of money in both second-hand and new building purchases and they are continuing on the same path, despite the fact that prices have increased so drastically since the start of the year. It is also important to note that this was the year that Greek ship owners, even medium sized ones, put a lot of emphasis in new orders of “eco type” vessels, , wanting to position themselves in the market so that they can hold a significant competitive advantage in the future.
What is most worth noting is that 2013 was also the year that a number of foreign funds turned their interest towards Greek ship owners. These funds were driven by the belief that it was the right time to invest, while at the same time they were attracted by the Greeks’ long maritime tradition, which provided a sense of trust and security. This is yet another factor which strengthened the SnP market and boosted activity despite the fact that freight rates could not always excuse the prices being achieved nor could Greek banks, traditionally a large supplier of Greek shipping finance, which lacked the ability to support most of these purchases as it once did.
In conclusion, we can say that the big winners this year were owners that took the risk and invested when the market reached low levels. Let’s all now hope that the positive trend will continue into 2014 so that these bets can turn into profitable investments, the return of which can be reinvested back into the market and feed through to even better times for owners.
By George Iliopoulos, SnP Broker - Intermodal
Compiled by:
Intermodal Research & Valuations | research@intermodal.gr
Analysts:
Mr. George Lazaridis | g.lazaridis@intermodal.gr
Ms. Eva Tzima | e.tzima@intermodal.gr
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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Wednesday, 11 December 13
THE INDONESIAN GOVERNMENT IS CONSIDERING SETTING A REGULATION ON THE MINIMUM PURITY TO REGULATE UNPROCESSED ORE BAN
COALspot.com: Energy and Mineral Resources Minister Jero Wacik recently proposed to house those mining (mineral) companies that had shown a commitme ...
Tuesday, 10 December 13
HNL, AN INDIAN STATE-OWNED NEWSPRINT PAPER MAKER SEEKS 50K TONS OF INDONESIAN 5600 COAL
COALspot.com: Hindustan Newsprint limited (HNL), an Indian state owned news print paper producer invited bids to supply 50,000MT of min 5,200kcal/kg ...
Tuesday, 10 December 13
COLOMBIAN THERMAL COAL EXPORTS SLIPPED 25.54% M-M IN OCTOBER'13
COALspot.com: Colombia's Thermal coal exports in October dropped 25.54% month on month to 5,990,815.13 million mt, according to data from mining de ...
Tuesday, 10 December 13
NEWCASTLE COAL EXPORTS PLUNGE W-O-W
COALspot.com: In the week ended December 9, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 2.50 ...
Monday, 09 December 13
SOUTH AFRICA'S RICHARDS BAY COAL EXPORTS IN NOVEMBER DECLINED 14.43% M-M
COALspot.com: South Africa's Richards Bay coal terminal exported 6.224 million tonnes of coal in November, declining by 1.05 million tons from the ...
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- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- White Energy Company Limited
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
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