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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Wednesday, 11 November 15
Q3' 16 RICHARDS BAY COAL SWAP LOST 15.47% SINCE 6 AUGUST; 18.65% SINCE 6 MAY
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 declined week over week and month over month.
The Q1’ 2016 &nb ...
Wednesday, 11 November 15
VESSEL VALUES ARE DOWN BY AT LEAST 20% SINCE MID-AUGUST - INTERMODAL
I had promised not to spend another broker’s insight focusing on the dry bulk side. However, the sale of the M/V Churchill Bulker (179,362 dw ...
Tuesday, 10 November 15
SELF-HEATING OF COAL HAS EMPHASISED THE IMPORTANCE OF CHECKING THE ACCURACY OF SHIPPER'S DECLARATIONS - GARD
Recent incidents involving self-heating of coal has emphasised the importance of checking the accuracy of shipper’s declarations for all type ...
Tuesday, 10 November 15
API 5 FOB NEWCASTLE COAL SWAP SLIDES CONTINUE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $3.55 per ton (8.50%) month over month to US$ 38.20 per ton. The swap ...
Monday, 09 November 15
BUNKER PRICES TO KEEP SLIDING THIS WEEK, EXPERT SAYS - MARINE BUNKER EXCHANGE
The oil price volatility has continued this week. Two dollars up one day and the next day two dollars down. The oil market has been trading on the ...
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- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- White Energy Company Limited
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- The University of Queensland
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Minerals Council of Australia
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- VISA Power Limited - India
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
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