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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Thursday, 05 November 15
Q2'16 INDO THERMAL COAL SWAP CONTRACT FOB INDONESIA FALLS TO $39.90/T
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week. Price of coal seen no improvements this past we ...
Thursday, 05 November 15
INFORMATION EXCHANGE GROUP'S LATAM MINING SECURITY SUMMIT 2016 - INTERNATIONAL CONFERENCE ON TECHNOLOGY SECURITY IN MINING
Press Release: LATAM Mining Security Summit 2016 is a carefully designed event that will bring together the leading stakeholders in the mining sect ...
Wednesday, 04 November 15
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
Four companies dominate global iron ore production, namely; BHP Billiton, Vale, Rio Tinto, and Fortescue Metals Group. Together these companies con ...
Wednesday, 04 November 15
FOB RICHARDS BAY COAL SWAPS GAIN W-W AND M-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 gained week over week and month over month.
The Q4 swap was up US$ 1.4 ...
Tuesday, 03 November 15
THE DISCHARGE OF CARGO IN THE PRC WITHOUT ORIGINAL BILLS OF LADING - CLYDE&CO
KNOWLEDGE TO ELEVATE
On occasions, a vessel may arrive at a port and be ready to discharge but the original bills of lading in respect of the ...
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- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Australian Coal Association
- Cement Manufacturers Association - India
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