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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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Monday, 25 August 14
API 8 CFR SOUTH CHINA COAL SWAP GAINED DAY OVER DAY AND MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.30 (+0.44%) day on day and decreased US$ 0.20 (- ...
Sunday, 24 August 14
SEA FREIGHT MARKETS STARTING TO LOOK POSITIVE; CAPES DRIVE FREIGHTS HIGHER
COALspot.com: The freight market has strengthen further this week with BDI up 7.19 pct week on week. The BDI was closed at 1,088 points while the B ...
Friday, 22 August 14
INDIAN IRON ORE ROYALTY RISE NOT LIKELY TO HURT STEELMAKERS' MARGINS - FITCH
Fitch Ratings does not expect an increase in India's iron ore royalty rates to have a major impact on the profitability of steel producers in t ...
Friday, 22 August 14
ARBITRATION CLAUSE IN LOU HELD TO REPLACE CHARTERPARTY ARBITRATION CLAUSE
KNOWLEDGE TO ELEVATE
The Claimants had claims for cargo damage against the vessel Owners arising under four bills of lading. The vessel was th ...
Friday, 22 August 14
ICAP ENERGY LAUNCHES GLOBAL COKING COAL DERIVATIVES TRADING
First contract completed and cleared on CME
COALspot.com: ICAP Energy, the energy business of ICAP plc, announces today that it has successful ...
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- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- The Treasury - Australian Government
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- White Energy Company Limited
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- PTC India Limited - India
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