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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, 12 December 14
U.S WEEKLY COAL PRODUCTION UP 3.4% W/E DECEMBER 6
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.6 million short tons (mmst) of coal ...
Wednesday, 10 December 14
WORLD HARD COAL MARKET 2014: PRODUCTION AND TRADE STAGNATING, IMPORTS TO GERMANY AND EUROPE ON THE DECLINE
Press Release: German Coal Importers Association (VDKi) criticizes regulations ordering reduction of CO2 emissions from coal-fired power plants as ...
Tuesday, 09 December 14
PRESSURE ON CHINA COAL MINERS TO CONTINUE DESPITE GOVERNMENT SUPPORT - FITCH
COALspot.com: Fitch Ratings says that Chinese coal mining companies will continue to be pressured by low prices, which will persist despite recent ...
Tuesday, 09 December 14
Q4' 2015, FOB INDONESIA COAL SWAP CLOSED AT $ 49.02 W/E 5 DEC
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$ 0.2 ...
Tuesday, 09 December 14
API 8 CFR SOUTH CHINA COAL SWAPS FELL 1.8% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.84 (-2.91%) month over month and US$ 0.95 (-1.52%) we ...
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- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Planning Commission, India
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
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