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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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Wednesday, 17 December 14
MARKET INSIGHT - INTERMODAL SHANGHAI, SNP TEAM
As the end of the fourth quarter is approaching, we are all witness to the second hand market prices softening day by day. Any new deal surfacing t ...
Tuesday, 16 December 14
THIS PRICE IS A STEAL - EVA TZIMA
COALspot.com: Despite concerns that the slowdown of the Chinese economy would affect imports of iron ore, it seems that this has not been the case ...
Tuesday, 16 December 14
FOB RICHARDS BAY COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT US$ 65.60 PMT
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 0.18 (-0.27%) month on month ...
Tuesday, 16 December 14
SUB-BIT FOB INDONESIA COAL SWAP CONTINUES ITS FALL
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 1.7 ...
Monday, 15 December 14
WILL TANKERS BENEFIT FROM REEMERGENCE OF FLOATING STORAGE PLAYS? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The tanker market has been seeing high freight rates for some time now, riding on the back of low oil prices, which are boosting demand from develo ...
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- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- The University of Queensland
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- VISA Power Limited - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Australian Coal Association
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