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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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Wednesday, 30 July 14
CAPES SEEMED TO BE STRANDED AT THE SAME LEVELS; PANAMAXES MANAGED TO SLIGHTLY REVIVE - INTERMODAL
COALspot.com: The Dry Bulk market took a breath this past week, as both Panamaxes and Supras started to see a small influx of activity, which was j ...
Tuesday, 29 July 14
TOTAL SELLS ITS SOUTH AFRICAN COAL MINING ASSETS TO EXXARO
Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affili ...
Tuesday, 29 July 14
GENCO: DRY BULK SHIPPING VALUATIONS NO LONGER ANCHORED TO DISCOUNTED CASH FLOW METHOD - WEIL
KNOWLEDGE TO ELEVATE
Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bank ...
Tuesday, 29 July 14
SHIP OWNERS' DEMAND OF NEW VESSELS DENTED AS A RESULT OF LOWER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The sharp downward direction of dry bulk freight rates has had a negative impact on investors’ secondhand buying appetite that wait to see th ...
Monday, 28 July 14
Q3' 14, SUB-BIT FOB INDONESIA COAL SWAP GAINED $ 0.08 DAY ON DAY AND $ 0.68 WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 increased by just US$ 0.08 day on day and US$ 0.68 week on week. The swap was lost U ...
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- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
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