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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, 04 December 13
INDONESIAN COAL EXPORTS VOLUME AND REVENUE IN OCTOBER MARCHED TOWARDS NORTH
COALspot.com: Indonesia, the world's 4th largest coal producer and the largest multi grade coal exporter shipped over $1.76* billion worth of ...
Wednesday, 04 December 13
WEST AUSTRALIA IRON ORE FIXTURES ALSO CONTINUING TO PROVIDE A STEADY FLOW OF BUSINESS FOR CAPES - INTERMODAL
The Dry Bulk market has reversed course this past week, bringing back some of the lost excitement of the past month, as all size segments climbed hi ...
Wednesday, 04 December 13
THE BUYERS' DEMAND IS CONTINUOUSLY BULLISH - KONSTANTINOS KONTOMICHIS
The very low rates that prevailed for the bigger part of 2013 seem to have prepared the ground for buying opportunities for shipping investors. The ...
Wednesday, 04 December 13
SGX AND CFA TO COLLABORATE TO DEVELOP DERIVATIVES MARKETS IN CHINA AND SINGAPORE
Singapore Exchange (SGX) and the China Futures Association (CFA) are cooperating in the development of derivatives markets in China and Singapore.
...
Wednesday, 04 December 13
SGX'S MONTHLY VOLUMES REACHED A RECORD HIGH OF 705,000 MT IN NOVEMBER 2013
COALspot.com: SGX has announced that, it monthly volumes have reached a record high of 705 lots (705,000 mt) in November 2013 with month-end open in ...
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- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Parliament of New Zealand
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- White Energy Company Limited
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- The University of Queensland
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
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