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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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Thursday, 24 July 14
INDONESIA'S JUNE 2014 COAL EXPORT VOLUME DOWN 6.82%; AVERAGE SELLING PRICE DOWN
COALspot.com: Indonesia, one of the world's largest coal producer and the global leading multi grade coal exporter shipped around $1.70* ...
Thursday, 24 July 14
HANDY: SOUTH AFRICA SOFTENED A BIT, HERE RATES ARE AT AROUND 8K +150K BB FOR TRIPS EAST - FEARNLEYS AS
Handy
The handy market in the Atlantic is going sideways and a tick down on low activity. Levels hoovering around USD 5k on Supras. The SMX marke ...
Thursday, 24 July 14
INDONESIAN COAL EXPORTERS ARE REQUIRED TO OBTAIN ET-BATUBARA UNDER LATEST TRADE MINISTRY'S NEW REGULATION
COALspot.com: Indonesia's trade ministry has issued regulation No. 39/M-DAG/PER/7/2014 which is requires exporters of power plant coal as ...
Wednesday, 23 July 14
PANAMAXES WERE BACK ON A DOWNWARD COURSE; CAPES WERE FEELING THE MOST PRESSURE - INTERMODAL
COALspot.com: The Dry Bulk market was on a downward spiral this week, with the BDI noting another week-on-week decline of the magnitude of 10% this ...
Wednesday, 23 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
In Australia, the world’s largest mining group, BHP Billiton, will beat the iron ore export target of more than 220 million tonnes for 2014. ...
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- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Australian Coal Association
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
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