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Wednesday, 06 May 15
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
The first four months of 2015 are now behind us and they make up for a decent amount of time to look back and assess how the year is evolving so far and what could be possible ahead. January kicked off very quietly as far as SnP activity is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market. In this environment, second hand prices remained under pressure for quite a while but not as long as some were actually waiting for.
As a matter of fact, as q1 came to an end we started seeing a rebound in activity with a number of prominent Greek owners once again inspecting modern Panamax/Kamsarmax/Supramax and it seems that we could now be at a turning point as far as dry bulk asset values are concerned.
A representative sale of this recent trend is the “TORM ISLAND” (82kdwt blt 10 Japan), which gathered a lot of interest and was eventually sold at levels in xs of USD 18.0m, which is around 7% higher than what her sister vessel “TORM TRADER” (82kdwt blt 10 Japan) managed to fetch about a month earlier. In addition the “TORM ISLAND” was rumored to be inspected by more than 10 owners, most of which were Greek who were sitting on the sidelines during the past couple of years and now seem to have turned their interest in modern tonnage that seems to be on a substantial discount.
Looking at the latest sales one could be reservedly optimistic that prices appear to be stabilizing, while the most recent sales are definitely not below the respective last dones, which is pretty much what we were seeing during the past six months. This is without a doubt a positive sign as the free fall of dry bulk asset prices had caused a mini panic all around, and while it is still uncertain how things will evolve it is currently proving a much needed breather to the market. At the same time we are noticing that as far as modern sale candidates are concerned, competition between Buyers seems strong, which is resulting in higher prices in the last two Kamsarmax sales that took place. Nonetheless if one compares these prices with Sellers ideas for similar tonnage in spring last year, it is evident why current prices appear attractive.
For example a 5-yr old Japanese Kamsarmax was sold at around USD 28.0m in April 2014, which is a hefty 55% higher than the levels for similar tonnage with SS/DD passed today. At the same time it is also interesting to see that the number of up to 10-yr old Supramax up to Panamax Japanese candidates on the market is exceptionally small which is resulting to even higher competition for these ships. Saying that, when it comes to Chinese tonnage, the last six sales that took place during the past month were indeed low, with a couple of representative examples being the “HUI AN HAI”(32kdwt blt 10 China) which was sold at USD 6.8m and the “NEW SAILING STAR” (32kdwt blt10 China) which was sold for even less at around USD 6.5m.
Given the pressure the freight market remains under, it seems that prices are showing some sort of resistance for now. The million dollar question remains whether this is the bottom or if there is more downside. But if one looks at recent sales together with Buyers’ behavior on the SnP side lately, these are both hinting that market belief is that a bottom has been reached or is about to be reached. The sales that will take place next will obviously clear up any doubt.
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.
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Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
Friday, 22 March 24
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Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
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Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
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- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- VISA Power Limited - India
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Parliament of New Zealand
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Australian Coal Association
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- The University of Queensland
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- PTC India Limited - India
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
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