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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, 26 November 14
SHIPPING MARKET INSIGHT - EVA TZIMA
The tanker market has been enjoying some good returns lately. Ok, that may be a big understatement, but with all the ups and downs of the past year ...
Tuesday, 25 November 14
FISCAL BREAKEVEN OIL PRICES SHOW SOVEREIGN VULNERABILITY - FITCH
COALspot.com: The vulnerability of the sovereign credit profiles of net oil exporters, as shown by their fiscal breakeven oil prices, suggests that ...
Tuesday, 25 November 14
UK: TRIBUNAL RULES ON SPEED AND PERFORMANCE CLAIMS UNDER TWO CONSECUTIVE TIME CHARTERPARTIES - REED SMITH
KNOWLEDGE TO ELEVATE
“Owners not to be responsible if the vessel under the currency of this charter party stays at port or anchorage or ...
Tuesday, 25 November 14
FOB RICHARDS BAY COAL SWAP FOR Q4' 15 DELIVERY CLOSED AT US$ 68.20
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 gained month on month, week on week and day over day.
The Q1 swap has gain ...
Tuesday, 25 November 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT $ 49.55
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week.
The Q1 swap has lost US$ 0.12 (-0.24%) ...
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- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- SMC Global Power, Philippines
- White Energy Company Limited
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
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