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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, 23 July 14
HARD COAL 2013: THE WORLD'S SECOND-MOST IMPORTANT ENERGY SOURCE AND GUARANTOR FOR THE SECURITY OF ENERGY SUPPLIES DURING TIMES OF CRISIS
Hard coal is again in 2013 the fastest-growing fossil primary energy source in the world. As shown in the BP Statistical Review 2014, it covered ab ...
Tuesday, 22 July 14
INDONESIAN ELECTION RESULT ENCOURAGING FOR FOREIGN INVESTMENT IN ENERGY AND MINING SECTORS - WOOD MACKENZIE
Joko Widodo-Jusuf Kalla has been announced as the official winner of Indonesia's presidential election. Joko Widodo, or Jokowi, is viewed as a ...
Tuesday, 22 July 14
THE CURRENT COAL PRICES ARE UNPROFITABLE FOR MINERS; COAL PRICES WILL GRADUALLY INCREASE - FITCH
COALspot.com: The Fitch Ratings expect the benchmark Newcastle coal prices (currently at about USD70/MT) to gradually increase.
Fitch's la ...
Tuesday, 22 July 14
SUB-BIT FOB INDONESIA COAL Q3' 14 DOWN 5.21%; Q4' 14 DOWN 3.56%; Q1' 15 DOWN 4.75% M-O-M
COALspot.com: Indonesian coal swaps for average Q3’ 2014 flat on day, weak week on week and on month according to AsiaClear OTC coal swap' ...
Tuesday, 22 July 14
INDONESIA'S MINERAL EXPORT BAN: CHINA UNDER PRESSURE? - CLARKSONS
In January 2014, Indonesia introduced new regulations on exports of unprocessed minerals. Exports of some minerals have been heavily taxed, whilst ...
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- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Planning Commission, India
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- The University of Queensland
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
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