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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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Monday, 15 December 14
INDONESIAN COAL PRICE REFERENCE CRASHES THROUGH $65
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in December. HBA for t ...
Monday, 15 December 14
CFR SOUTH CHINA COAL SWAP LOST $3.37 M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3,37 (-5.33%) month over month and US$ 1.58 (-2.57%) ...
Monday, 15 December 14
Q1' 15 FOB NEWCASTLE COAL SWAP CLOSED AT $ 51.45 ON 12 DEC
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.45 per MT (-2.74%) closed at US$ 51.45 on 12 December month over ...
Sunday, 14 December 14
FREIGHT RATES ARE EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The Baltic Dry Index (BDI), a measure of commodity-shipping costs, fell 12.12 pct to 863 points week ending 12 December 2014.
Th ...
Friday, 12 December 14
LIMITED TRADING AND AN OVERSUPPLY OF TONNAGE PUSHED HANDY SIZE SHIPS TO DOWN IN USG
Handy
We have seen the TA spot market come down this week lead by limited trading and an oversupply of tonnage in the USG, Fearnleys said in its ...
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- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- CNBM International Corporation - China
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Minerals Council of Australia
- Australian Coal Association
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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