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Tuesday, 26 August 14
DESPITE LOW DRY BULK RATES, BULKER PRICES ARE STILL HIGH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 Traditionally, August tends to be a month of slow activity in the sale and purchasing market and this year has been no exception. However, as shipbroker Intermodal noted in a recent report, the month of August, while it is the quietest month of terms of ship transactions, it’s also a time very critical for the forthcoming quarter, as this is typically, a period during which the market seeks signs for the direction of asset prices.
As things stand at the moment, the future prospects of the sale and purchasing (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.
According to Intermodal’s SnP broker, Mr. Konstantinos Kontomichis, “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”, Mr. Kontomichis noted.
He added that “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 Usd 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”.
Meanwhile, according to the analyst, “on the newbuilding market, a big number of shipyards are sitting on a significant orderbook and currently don’t appear willing to proceed to heavy price discounts. Resale prices are perhaps a bit more elastic than newbuilding ones, and although they have dropped from the high levels reached earlier 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”, Kontomichis mentioned.
He went on to state that “having discussed what is going on the resale and vintage tonnage, which are heavily dependent upon newbuilding 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 newbuilding 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 Usd 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”, he concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Sunday, 24 August 14
SEA FREIGHT MARKETS STARTING TO LOOK POSITIVE; CAPES DRIVE FREIGHTS HIGHER
COALspot.com: The freight market has strengthen further this week with BDI up 7.19 pct week on week. The BDI was closed at 1,088 points while the B ...
Friday, 22 August 14
INDIAN IRON ORE ROYALTY RISE NOT LIKELY TO HURT STEELMAKERS' MARGINS - FITCH
Fitch Ratings does not expect an increase in India's iron ore royalty rates to have a major impact on the profitability of steel producers in t ...
Friday, 22 August 14
ARBITRATION CLAUSE IN LOU HELD TO REPLACE CHARTERPARTY ARBITRATION CLAUSE
KNOWLEDGE TO ELEVATE
The Claimants had claims for cargo damage against the vessel Owners arising under four bills of lading. The vessel was th ...
Friday, 22 August 14
ICAP ENERGY LAUNCHES GLOBAL COKING COAL DERIVATIVES TRADING
First contract completed and cleared on CME
COALspot.com: ICAP Energy, the energy business of ICAP plc, announces today that it has successful ...
Friday, 22 August 14
U.S WEEKLY COAL PRODUCTION UP 2.4% WEEK OVER WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.60 million short tons (mmst) of coal in ...
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- PowerSource Philippines DevCo
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- Central Electricity Authority - India
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- SMC Global Power, Philippines
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- Parry Sugars Refinery, India
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- Karaikal Port Pvt Ltd - India
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- Petron Corporation, Philippines
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- Carbofer General Trading SA - India
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- New Zealand Coal & Carbon
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- Indika Energy - Indonesia
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- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
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- Tata Chemicals Ltd - India
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- Altura Mining Limited, Indonesia
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- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
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- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
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- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
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- Standard Chartered Bank - UAE
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- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- CNBM International Corporation - China
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- Thiess Contractors Indonesia
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- India Bulls Power Limited - India
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- Commonwealth Bank - Australia
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- Economic Council, Georgia
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- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
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- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
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- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
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- Independent Power Producers Association of India
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- Directorate General of MIneral and Coal - Indonesia
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- Merrill Lynch Commodities Europe
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- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
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