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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, 03 December 14
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The dry bulk market seems unable to turn sentiment round and is still looking for direction. The BCI's 887-point free fall last week had an obv ...
Wednesday, 03 December 14
CAPESIZE DRY BULK CARRIERS ENTER 2015 WITH MIXED FORTUNES, WITH A POSITIVE AND A NEGATIVE SCENARIO BOTH EMERGING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The future of the Capesize dry bulk market appears to be engulfed from mixed “feelings” among analysts and market participants, despite ...
Tuesday, 02 December 14
KEY PLAYERS SHED NEW PERSPECTIVES ON COAL MARKETS
Press Release: Singapore’s ONLY and longest established Coal Trade event. Whilst Coal prices remain challenging, there is widespread consensu ...
Tuesday, 02 December 14
KOMIPO INVITES BIDS FOR 585,000 METRIC TONS OF COAL FOR Q1'15
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids for the supply of 585,000 Metric Tons of coal. According to invitation, 5700 ...
Tuesday, 02 December 14
U.S WEEKLY COAL PRODUCTION FELL 1.4% WEEK ON WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.6 million short tons (mmst) o ...
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- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Australian Coal Association
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
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