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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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- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- ASAPP Information Group - India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Australian Coal Association
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- London Commodity Brokers - England
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
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