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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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Friday, 19 December 14
HOW WILL LOWER BUNKER PRICES AFFECT THE SUBSTANTIAL OVERCAPACITY IN DRY BULK MARKET? - BIMCO
As bunker fuel costs have come down from USD 600 per tonnes to USD 330 per tonnes in the past 6 months, much talk about increased ship speed have s ...
Friday, 19 December 14
U.S WEEKLY COAL PRODUCTION REACHED APPROXIMATELY 19.8 MMST; UP 1.0% WOW
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Friday, 19 December 14
HANDY: SOFTER TONE; PANAMAX: QUIET WEEK; CAPESIZE; PAINFUL WEEK
Handy
A softer tone for rates and volumes for the Supras, perhaps less apparent in the Pacific the last week before the season holidays and good ...
Thursday, 18 December 14
INDONESIA TO REVISE UP COAL OUTPUT TARGET TO 460 MILLION TONS IN 2015
COALspot.com: Indonesian government has revised up its next year coal output forecast to 460 million tons from its previous forecast of 421 million ...
Wednesday, 17 December 14
CAPES RATES SLIPPED BELOW $5,600/DAY, FELL 84% YOY
COALspot.com: In the very rare occurrence when the BCI stands below the BDI, words to describe market sentiment are probably poor, said Intermodal ...
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- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Minerals Council of Australia
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Australian Coal Association
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
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