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