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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, 28 November 14
NEW BIMCO CLAUSE AIMS TO REDUCE SUPPLIERS' RELIANCE ON SHIP ARREST FOR CHARTERERS' UNPAID BUNKERS
KNOWLEDGE TO ELEVATE
Ship owners can, on occasion, find themselves in the invidious position of suffering unexpected loss of hire due to a tim ...
Friday, 28 November 14
JSW ENERGY AND GRM RESOURCES JOIN GLOBALCOAL
COALspot.com: globalCOAL® announced yesterday that two new Market Members have joined its online coal trading platform. According globaCOAL&rsq ...
Thursday, 27 November 14
MINING SERVICES TAX SPIKED BY 233% - BISNIS INDONESIA
COALspot.com: The Energy and Mineral Resources Department of Indonesia said the tax contribution from mining services sector in the 3rd Q 2014 ...
Thursday, 27 November 14
PANAMAX : EXPECTATION'S FOR A STRONG END OF YEAR RUSH, DISAPPEAR DAY BY DAY - FEARNLEYS
Handy
“We have experienced a firming market the last couple of weeks. More activity from cargo owners in the Atlantic and less available to ...
Wednesday, 26 November 14
OVERSUPPLY OF TONNAGE PUSHED PANAMAX SEGMENT DOWN FOR ANOTHER WEEK
COALspot.com: The Dry Bulk market managed to reverse its course from the week prior and with the sole exception of the Panamax segment, we witnesse ...
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- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
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