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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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Monday, 18 November 13
SUB-BIT INDONESIA COAL SWAP LOST ON WEEK; MARGINALLY GAINED ON DAY
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’ 14 delivery gained $ 1.25 pmt month on month on Friday 15 Novemb ...
Sunday, 17 November 13
Q4' 14 API 8 CFR SOUTH CHINA COAL SWAP CLOSED $ 3.43 PMT (4.34 %) HIGHER THAN Q1' 14 SWAP
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 0.05 percept d-d on Friday 15 November 2013. The CFR South ...
Saturday, 16 November 13
INDONESIA TO INDIA SUPRAMAX FREIGHT RATES FIRM DUE TO STRONG COAL ACTIVITIES
COALspot.com: The Cape and Panamax index was down this week and pulling down the BDI by about 5 pct. BDI was closed at 1507 points on Friday 1 ...
Friday, 15 November 13
DRY BULK MARKET STILL LINGERING ON, DESPITE PREDICTIONS OF NEW IMMINENT RALLY PRIOR TO THE YEAR'S END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market hasn't yet managed to stage a new comeback after its retreat from the recent multiyear highs. Yesterday, the industry's benchm ...
Friday, 15 November 13
US COAL PRODUCTION UP 2.59% WEEK ON WEEK
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.8 million short tons (mmst) of coal in ...
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- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Posco Energy - South Korea
- Australian Coal Association
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- The Treasury - Australian Government
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
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