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Wednesday, 10 December 14
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS, INTERMODAL
 COALspot.com: As 2014 is coming to an end, we look back to what has happened during the year and notice that SnP activity has been particularly soft during the last quarter, especially as far as dry units are concerned. This is more obvious if one looks at the number of potential buyers inspecting sale candidates. During the same period last year, for every dry bulker, Handysize up to Cape that was up for sale there were numerous of interested buyers inspecting, while most of them would end up offering as well. This resulted in a dynamic upward drive in prices in the SnP market during that period.
A representative example of this drive is a ’99 built Japanese dry Panamax that was inspected a year ago by thirteen prospective buyers and acquired ten offers before finally being sold for a price in the region of USD 14,5m. This marked the start of a period of elevated activity lasting for the first five months of 2014. However, the strong momentum of the market started to weaken just before the summer season kicked off and purchasing interest for dry vessels naturally declined as the freight market started to witness further challenges.
Looking back, this period is reminiscent of the end of 2012/start of 2013 when the lowest post 2010 sales for Supramaxes and Panamaxes were recorded. An example of this is that a 7-year old Panamax that was sold at circa USD 15m when today an equivalent sale would go for approximately USD 17mil. Another reason for the increased pressure on the SnP market, apart from the bad performance of freight rates, is the overabundance of vessels for sale in the dry market. A large number of vessels have entered the second hand market in the last two months mostly from Japanese owners following the performance of the Japanese Yen. As a result, most prospective buyers have a number of alternatives and therefore apart from very exceptions offer at fairly low levels compared to what owners are looking for.
This is therefore another characteristic of the SnP market nowadays, which is also weighing down on activity volumes. In fact the growing gap between buyer and seller price ideas is exactly what is forcing many owners to withdraw their vessels from the market. It is worth noting that a number of such vessels were Japanese-owned which is uncharacteristic of Japanese owners, who are traditionally known to sell at the best obtainable prices once they are set on selling their assets.
The big question troubling potential buyers is whether this is a good time to invest in the dry market or if waiting a little longer will reward them with even lower levels. The belief that we may sooner rather than later be revisiting the price levels of 2012 is gaining more and more support lately. It remains extremely challenging to discern whether we have reached the market’s lowest point in order to invest and calling the floor of a market is always more of a guess rather, which makes any predictions an uncertain bet; it is safe, however, to say that prices during the past few months have certainly been attractive and the coming period has the potential to be extremely busy in terms of interest in the SnP market.
In any case, we should hope that the dry market picks up in 2015 to return to healthy levels in order for vessels to become attractive due to their freight rates and not their low prices, as that’s where the true value lies after all.
By George Iliopoulos, SnP Broker, Intermodal
Compiled by:
Intermodal Research & Valuations
Analysts:
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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Tuesday, 30 December 14
INDIA INC TO BENEFIT AS IMPORTED COAL PRICES SET TO FALL - RAHUL PRITHIANI
The Hindu: India‘s coal import volumes are set to rise by over 30 per cent over the next two years to 214 million tonnes in 2015-16, as domes ...
Tuesday, 30 December 14
U.S WEEKLY COAL PRODUCTION ALMOST FLAT AT -0.2%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Monday, 29 December 14
CHINESE COAL IMPORTS: REGULATORY RISKS? - CLARKSONS
In recent years, Chinese seaborne coal imports have surged, registering average growth of 67% p.a. between 2009 and 2013 to total 265mt. However, t ...
Monday, 29 December 14
BULK MARKET ENDS YEAR ON SOUR NOTE, SHIPBROKER SEES 'BUMPY ROAD AHEAD' - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
2014 was supposed to be the year that the dry bulk market would stage a comeback and a sustainable one for that matter. However, while for the most ...
Monday, 29 December 14
Q1'15 CFR SOUTH CHINA COAL SWAP CLOSED AT $59.42
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.51 (-5.58%) month over month and US$ 0.08 (-0.13%) ...
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- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- PTC India Limited - India
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
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