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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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Tuesday, 26 August 14
GOVT ON TRACK TO LIMIT COAL OUTPUT - THE JAKARTA POST
The government has announced that it will proceed with plans to cap the production of coal next year, a move aimed not only at protecting the envir ...
Monday, 25 August 14
4TH ANNUAL FLOATING TERMINALS
4th Annual Floating Terminals
18-20 Nov 2014
Intercontinental Jakarta Midplaza,
Indonesia
Web Site
The Floating Terminal c ...
Monday, 25 August 14
THE BALTIC DRY IS JUMPING, BUT DON'T DRAW ANY BROAD CONCLUSIONS - NASDAQ
Those who consistently preach doom and gloom and see an economic apocalypse around every corner would make me laugh if it weren’t for the fac ...
Monday, 25 August 14
COAL CEOS: DEMISE OF COAL 'EXAGGERATED' - MARK WILCOX
By Mark Wilcox
Heads of some of the largest coal companies in Wyoming are saying the demise of coal has been exaggerated, though the industry def ...
Monday, 25 August 14
INDO COAL SWAPS W-O-W: NEGATIVE; M-O-M: POSITIVE
COALspot.com: Indonesian coal swaps for average September 2014 decreased US$ 0.15 (-0.28%) day on day and US$ 0.65 (-1.19%) per mt week on week. Th ...
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- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Planning Commission, India
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
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