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Wednesday, 13 August 14
WEEKLY MARKET INSIGHT - KONSTANTINOS KONTOMICHIS SNP BROKER
 Being at the peak of the holiday season, August is, as usual, the quietest month in terms of snp transactions, yet it is also a time very critical for the forthcoming quarter, as the market seeks signs for the direction of asset prices. The future prospects of the snp market is currently tangled between uncertainty in both global economic conditions and geopolitics, which affect market psychology and actual trade at the same time.
Despite the fact that freight rates in the dry sector have been depressingly low during the past months, the decrease in asset prices has not been equally strong. This is because during the past six years Sellers have been trained to acknowledge volatility incurred during the smaller shipping circles and to resist in reducing their price ideas, as they wait for the recovery of the freight market in September.
As far as older tonnage is concerned, we experience a correction in values of 90's blt vessels. However, the firm demolition prices, which in India, Bangladesh and Pakistan are still at US$ high 400's per long ton, block a further correction in asset values since the “scrap age” of a vessel is being approached faster this way.
On the new-building market, a big number of shipyards are sitting on a significant order-book and currently don’t appear willing to proceed to heavy price discounts. Resale prices are perhaps a bit more elastic than new-building ones, and although they have dropped from the high levels reached ear-lier in 2014, they are still fairly stable compared to rest of the market. A representative recent example is that of a 61,000dwt Imabari Blt 2015, which was sold at usd 31.4 mill. Most notably though, the premium required for prompt deliveries is thinning due to the poor freight market.
Having discussed what is going on the resale and vintage tonnage, which are heavily dependent upon new-building and scrap prices, it is interesting to see what is happening to the "middle-aged" tonnage. The post 2000's blt ships are significantly exposed to the freight market, as new-building and scrap prices are not a critical factor in their value. Two notable snp transactions to be mentioned in the handysize market are the recent sale of M/V Atlantic Arrow (Abt 28,000dwt 2005 Blt Japan) which went for US$ 12.1m and that of the M/V Cielo Di Genova (Abt 32,300dwt / 2005 Blt Japan) which was snapped, considerably higher, for Usd 16,5 mill last December.
In the more volatile sector of Panamax, prices presented the higher correction. The M/V Ocean Lily (Abt 76,500dwt / 2006 Blt Japan) was sold in March this year at region Usd 25 mill, while the M/V Yusho Spica (Abt 76,000 dwt / 2006 Blt Japan) was sold for around Usd 20 mill 3 months later. The M/V Michele D'Amato (Abt 76.000 / 2005 Blt Japan) and the M/V Lowlands Nello were reported sold last week for USD 17.7mill and 17.2 mill respectively.
The level where the next comparable sale will be fixed, which will probably be the fresh market candidate M/V Golden Kiji (Abt 76,500dwt / 2007 Blt Japan), will be significant in terms of where the market is heading next, so remain seated with your seatbelt fastened as there might be a few more bumps ahead.
Compiled by:
Intermodal Research & Valuations
Analysts:
Mr. George Lazaridis
Ms. Eva Tzima
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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Friday, 05 September 14
U.S. PRODUCED 19.2 MMST OF COAL LAST WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Thursday, 04 September 14
PUNJAB STATE POWER CORPORATION LIMITED OF INDIA HAS DECIDED TO BUY IMPORTED COAL - HINDUSTAN TIMES
COALspot.com: The Punjab State Power Corporation Limited (PSPCL) has decided to buy imported coal to run its thermal plants, as reported by Hindust ...
Thursday, 04 September 14
INDONESIAN COAL MINERS MAY GET MORE TIME ON ROYALTIES - FITCH RATINGS
COALspot.com: Fitch Ratings says that coal miners in Indonesia are likely to get more time to repay the government the royalties that were set off ...
Thursday, 04 September 14
INDONESIAN COAL SWAPS SLIDE THIS PAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.90 (-1.68%) day on day and US$ 1.80 (-3.31%) per mt week on week. The ...
Thursday, 04 September 14
CAPESIZE : SENTIMENT REMAINS POSITIVE FOR Q3/Q4 - FEARNRESEARCH
Handy
The Atlantic market has experienced more activity this week. Rates for TA´s are up about 8% w-o-w, much lead by an increasing number ...
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- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- The University of Queensland
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
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