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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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Tuesday, 02 December 14
FOB RICHARDS BAY COAL SWAPS LOST MONTH OVER MONTH
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month, week on week and day over day.
The Q1 swap has lost U ...
Tuesday, 02 December 14
SUB-BIT FOB INDONESIA COAL Q1' 15 DELIVERY SWAP CLOSED AT US$ 49.50
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$ 0.4 ...
Monday, 01 December 14
SGX'S FOB NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 52.50
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.50 on 28 November after losing US$ 1.20 (-2.23%) month ove ...
Monday, 01 December 14
Q2' 15 DELIVERY CFR SOUTH CHINA COAL SWAP CLOSED 0.42% LOWER THAN Q1' 15 DELIVERY CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 2.45 (-3.78%) month over month and US$ 0.67 (-1.06%) we ...
Sunday, 30 November 14
SUPRAMAX COAL FREIGHT RATES FROM INDONESIA TO INDIA : FIRM
COALspot.com: The BDI fell 171 points and closed at 1153 points on Friday 28 November 2014. The Cape index also lost 887 points and closed at 2151 ...
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- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- PTC India Limited - India
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
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