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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, 08 December 14
GOVERMENT TO WITHDRAW CNC STATUS OVER SUSPECTED FLAWS - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to review the clean and clear (CnC) status held by ...
Monday, 08 December 14
FOB NEWCASTLE COAL SWAPS SLIP W-O-W AND M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.10 on 5 December after losing US$ 0.55 (-1.04%) month over ...
Sunday, 07 December 14
SUPRAMAX S8 ROUTE SLIGHTLY INCREASED WEEK ON WEEK
COALspot.com: The BDI continued its fall as cape index fell heavily week on week.
The BDI lost around14.83 pct within last five working day an ...
Saturday, 06 December 14
TANKER FLOATING STORAGE PLAYS COULD COME INTO PLAY IF VLCC RATES STAY AT CURRENT LEVEL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Contango: A phenomenon in commodities futures price curves where the delivery price of a futures contract is greater than the current price. With t ...
Saturday, 06 December 14
MUNDRA PORT MAKES HISTORY BY HANDLING THE LARGEST BULK CARRIER TO CALL ON WEST COAST OF INDIA
COALspot.com: Adani Ports & SEZ Ltd, India’s largest port developer and part of Adani Group, yesterday said its Mundra Port successf ...
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- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Australian Coal Association
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
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