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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, 23 December 14
Q4'15 FOB RICHARDS BAY COAL SWAPS FALL $ 3.85 IN A MONTH
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 2.13 (-3.17%) month on month ...
Tuesday, 23 December 14
SHIPOWNERS ARE FINALIZING MORE DEALS AS YEAR END COMES CLOSER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS WORLDWIDE
With the 2014 year just a few days before waving goodbye, shipowners are looking to close their pending deals in both the newbuilding and S&P m ...
Monday, 22 December 14
Q2'15 CFR SOUTH CHINA COAL SWAP CLOSED $ 0.30 LOWER THAN Q1'15 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.67 (-5.81%) month over month and US$ 0.35 (-0.58%) ...
Monday, 22 December 14
API 5 FOB NEWCASTLE COAL SWAPS ARE HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.71 per MT (-3.24%) and closed at US$ 51.02 on 19 December month ...
Sunday, 21 December 14
PANAMAX COAL FREIGHT FROM INDONESIA TO INDIA FALLS FURTHER
COALspot.com: The BDI continued its fall as cape index lost heavily week on week.
The BDI was down 6.95 percent week over week and closed at 8 ...
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- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
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