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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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.
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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Monday, 09 November 15
CFR SOUTH CHINA THERMAL COAL SWAP FOR Q3' 16 CONTRACT DECLINED US$ 4 PER TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 4.35 (9.03 %) per ton month over month.
A commodity swa ...
Monday, 09 November 15
INDIAN THERMAL COAL IMPORTS SURGED 18%; COKING COAL 6.31% DURING APRIL-OCTOBER: BUSINESS-STANDARD
Indian thermal coal imports surged 18% at the country's top 12 major ports to 55.90 million tonnes (MT) in the first seven months of the curren ...
Sunday, 08 November 15
THE FREIGHT MARKET KEEP DROPPING THIS WEEK - VISTAAR
COALspot.com: The freight market keep dropping this week.
The BDI down 12.48 percent week on week and closed at 631 points on 6 November 2015. ...
Sunday, 08 November 15
CAPESIZE FREIGHT RATES IN AUSTRALIA-CHINA ROUTES OVER 50% CHEAPER THAN BRAZIL-CHINA ROUTE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China’s mining and steel industries are facing tectonic shifts over the past couple of years, with the country’s limiting of coal use, ...
Friday, 06 November 15
COAL PRODUCTION IN THE U.S. FELL SHARPLY FOR THE WEEK ENDING OCTOBER 31
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.6 million shor ...
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- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
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