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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, 05 December 14
CHINESE SPECIAL STEEL MAKERS' RISK PROFILES MORE RESILIENT - FITCH
Fitch Ratings says the risk profiles of Chinese makers of special steel, especially high-end products, are more like those of manufacturers and mor ...
Friday, 05 December 14
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED AROUND 905 MMST - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19 million short tons (mmst) of coal i ...
Thursday, 04 December 14
CAPE MARKET IS DEVELOPING FROM BAD TO WORSE
Handy
The Atlantic market has been pretty stable and balanced this week, Fearnleys AS says in its latest weekly report.
The broker furt ...
Thursday, 04 December 14
DRY BULK MARKET; ANOTHER DISAPPOINTING WEEK
COALspot.com: For those who have been hoping to see alignment of freight direction across the Dry Bulk market, this must have been another disappoi ...
Wednesday, 03 December 14
PROGRESSING SMELTER PROJECTS IN INDONESIA
Press Release: Indonesia’s ban on ‘raw mineral export’ that was designed to encouraging downstream investment in mineral processi ...
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- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- The University of Queensland
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Agrawal Coal Company - India
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
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