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