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