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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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Thursday, 14 August 14
INDIA'S PLAN TO START AN INFRASTRUCTURE BOOM AND TO INVEST US$ 1 TRILLION BY 2017 WILL SURELY AFFECT THE DRY BULK TRADE - FEARNLEYS
Handy
The Atlantic Supra market has continued its improving sentiment with rates climbing and TA´s are now up about US$ 900 w-o-w, said Fea ...
Wednesday, 13 August 14
WHAT DOES PROJECT CARGO REALLY MEAN TO INSURERS?
KNOWLEDGE TO ELEVATE
Richard Kamppari-Baker, claims manager of FP Marine Risks, explains the challenges of project cargo risk assessment from ...
Wednesday, 13 August 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN CLOSE TO 57 MONTHS LOWS
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price in August. HBA for the month of A ...
Monday, 11 August 14
LARGEST CHINESE TRADE SURPLUS EVER RECORDED IN JULY - BIMCO
China recorded a trade surplus of USD 47.3 billion in July 2014. The record high surplus came on the back of very strong export growth while import ...
Monday, 11 August 14
INDONESIAN THERMAL COAL SWAPS SEEING SOME POSITIVE TREND
COALspot.com: Indonesian coal swaps for average September 2014 increased US$ 0.20 (+0.36%) day on day and US$ 1.30 (+2.41%) per mt week on week. Th ...
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- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- White Energy Company Limited
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Anglo American - United Kingdom
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