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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, 18 August 14
SUB-BIT FOB INDONESIA COAL SWAP CLOSED AT $58.60 FOR SEPTEMBER 2015; UP $4 FROM SEPTEMBER 2014 CLOSING
COALspot.com: Indonesian coal swaps for average September 2014 decreased US$ 0.15 (-0.27%) day on day and US$ 0.75 (-1.36%) per mt week on week. Th ...
Monday, 18 August 14
CFR SOUTH CHINA COAL SWAP PERFORMED WELL THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.45 (+0.66%) day on day and US$ 0.30 (+0.44%)&nbs ...
Saturday, 16 August 14
HIGH DEMAND OF IRON ORE SHIPMENTS PUSHED CAPE INDEX UPWARDS
COALspot.com: This week's freight market was buoyant with Cape and panamax index seeing a big jump pushing the BDI above 1,000 points week on c ...
Friday, 15 August 14
5TH ANNUAL POWER AND ELECTRICITY INDONESIA
5TH ANNUAL POWER AND ELECTRICITY INDONESIA
13-16 October 2014
Grand Hyatt Jakarta, Indonesia
Web Site
The country’s definitive ...
Thursday, 14 August 14
U.S. STEAM COAL IMPORTS REMAIN DOWN SHARPLY FROM HISTORIC HIGH IN 2007, SAYS EIA
COALspot.com: U.S. steam coal imports at power plants have fallen significantly from their peak level of more than 30 million tons in 2007 to less ...
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- VISA Power Limited - India
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Minerals Council of Australia
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
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