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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.
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Tuesday, 26 November 13
EWP INVITES COAL BIDS FOR 2014 - 2018 DELIVERIES
COALspot.com: Korea East-West Power Co. Ltd (EWP) invited bids to supply 130,000MT of min 5,600kcal/kg (Sub)-bituminous Coal on NCV basis for March ...
Tuesday, 26 November 13
NEWCASTLE COAL EXPORTS SLIP 22.62% W-W
COALspot.com: In the week ended November 25, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 2.26 ...
Monday, 25 November 13
THE SUB-BIT INDONESIA COAL SWAP MOVEMENT IN YEAR 2014 IS STILL FAR FROM PROMISING
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’ 14 delivery gained $ 2.54 pmt month on month on Friday 22 Novemb ...
Sunday, 24 November 13
CFR SOUTH CHINA COAL SWAPS FOR Q4' 14 DELIVERY PRICE SHOWS A NEGATIVE TREND WEEK ON WEEK AND FLAT ON D-D
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 0.13 percept d-d on Friday 22 November 2013. The CFR South ...
Sunday, 24 November 13
SUPRAMAX FREIGHT RATES REMAINED FIRM FROM INDONESIA TO INDIA AND CHINA - SOLYM
COALspot.com: The freight market was fairly steady except for the Supramax in SE Asia region which continued to remain firm. The BDI was down by 1.5 ...
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- Australian Commodity Traders Exchange
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Planning Commission, India
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
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