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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, 13 November 13
THE SOFTENING HAS AFFECTED THE BIGGER SIZE SEGMENTS; SMALLER ONES STILL APPEAR TO BE VERY STABLE - INTERMODAL
After a month and a half of back to back weekly declines, the dry bulk market has finally reversed its negative course. We believe that there should ...
Wednesday, 13 November 13
DRY BULK MARKET HAS REVERSED ITS NEGATIVE COURSE - INTERMODAL
Chartering (Wet: Firm+ / Dry: Stable+ )
The Dry Bulk market has reversed its negative course this past week with rates for Capes making up fo ...
Wednesday, 13 November 13
NEWCASTLE COAL EXPORTS PLUNGE 12.40% IN W/E 10 NOVEMBER FROM THE PRIOR WEEK
COALspot.com: In the week ended November 11, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totaled 2.42 ...
Monday, 11 November 13
TAMIL NADU STATE OWNED POWER GENERATOR TO IMPORT 3.7 MMT OF 6000 GAD COAL
COALspot.com - TANGEDCO, Tamil Nadu Generation & Distribution Corporation Ltd, Tamil Nadu state owned power generator & distributor intends ...
Sunday, 10 November 13
PANAMAX COAL FREIGHT RATES REMAIN UNDER PRESSURE; SUPRAMAX BIGGEST GAINER - REDDY
COALspot.com: The freight market was up this week with all indices increased except for Panamax index.
The BDI was up by 56 points closing at 158 ...
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- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Australian Coal Association
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
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