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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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Sunday, 03 August 14
LACK OF COAL SHIPMENTS FROM FAR EAST/SE ASIA, THE PRESSURE ON CHARTER RATES CONTINUED THIS WEEK
COALspot.com: This week, the freight rates were almost flat as charter rates were also almost steady from last week.
The BDI was up by 2.59 pc ...
Friday, 01 August 14
UNCERTAINTY IN ASIAN COAL MARKETS WHERE INDEX-LINKED PRICING DOMINATES - SGX
COALspot.com: In the past 3 years, seaborne thermal coal markets have been in a state of constant oversupply.
Reuters expects this oversupply ...
Friday, 01 August 14
U.S PRODUCED 19.4 MMST OF COAL IN A WEEK, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.40 million short tons (mmst) of coal in ...
Thursday, 31 July 14
CAPESIZE: CARGO VOLUMES, COAL IN PARTICULAR, PRESENTLY NOT SUFFICIENT TO EMPLOY A GROWING FLEET - FERNLEYS
Handy
Both the Atlantic and Pacific has improved in the supramax segment over the last week, said Fernleys in Its latest weekly report . There we ...
Thursday, 31 July 14
RIO TINTO SELLS MOZAMBIQUE COAL ASSETS FOR US$ 50 MILLION TO INDIA'S ICVL
COALspot.com: Rio Tinto has agreed to sell its Mozambique coal assets for just US$ 50 million to International coal ventures Private limited of Ind ...
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- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
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