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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, 11 August 14
SGX CFR SOUTH CHINA COAL SWAPS DIRECTION HEADING TO NORTH
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.50 (+0.74%) day on day and US$ 1.55 (+2.33%)&nbs ...
Monday, 11 August 14
A TALE OF TWO TRADES - EVA TZIMA
COALspot.com: It has without a doubt been “a cruel, cruel summer” for the Dry Bulk market so far and with second hand values still stan ...
Sunday, 10 August 14
FREIGHT RATES FROM INDONESIA TO INDIA IS EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com: This week the BDI and other segments saw some improvements. The BDI increased by 3.46 pct week on week and closed at 777 points.
...
Friday, 08 August 14
MINING DISPUTE IS CRIPPLING LOCAL ECONOMIES IN EASTERN INDONESIA - JG
- By Iwan Harsono -
It seems as if there’s no end in sight to the series of negotiations between the government and mining companies about ...
Friday, 08 August 14
CAPESIZE RATES ARE REMAINING MORE OR LESS UNCHANGED AT BOTTOM LOW LEVELS - FEARNLEYS AS
Handy
An improving sentiment with stronger rates and fair demand for prompt tonnage in the Atlantic, both on the Continent and in the Med for the ...
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- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Agrawal Coal Company - India
- Economic Council, Georgia
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Planning Commission, India
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
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