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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.
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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Saturday, 30 August 14
INDIAN GOVERNMENT SHOULD TAKE NOTICE: THERMAL COAL IMPORT PRICES EXTREMELY LOW - COMMODORE RESEARCH
COALspot.com: Both Indonesian and Australian thermal coal prices are at the lowest levels seen this decade, with Indonesia's monthly benchmark ...
Saturday, 30 August 14
RECOVERY IN SIGHT FOR THE DRY BULK SHIPPING MARKET - DREWRY SHIPPING CONSULTANTS
Despite weak freight rates so far this year, Dry Bulk shipping earnings are forecast to recover as demand for both major and minor bulk commodities ...
Friday, 29 August 14
U.S. WEEKLY COAL PRODUCTION DROPS 1.3 PERCENT, EIA SAYS
COALspot.com – United States the world's second largest coal producer, produced approximately 19.40 million short tons (mmst) of coal in ...
Friday, 29 August 14
ADARO'S PROFITS SINK FURTHER AMID FALL IN COAL PRICES - JP
Adaro Energy, one of the country’s largest coal miners, has reported a 31 percent drop in net profit in the first half of this year as global ...
Friday, 29 August 14
CHINESE LIGNITE IMPORTS: QUANTITY OVER QUALITY? - CLARKSONS
In the first half of 2014, Chinese seaborne coal imports declined 0.4% y-o-y to 148mt, largely reflecting a 3.3% fall in imports of steam coal. Mea ...
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- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- White Energy Company Limited
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Planning Commission, India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
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