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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Tuesday, 03 November 15
API 5 FOB NEWCASTLE COAL SWAPS DECLINE CONTINUES
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery slid $1.84 per ton (4.34%) month over month to US$ 40.54 per ton. The swap ...
Tuesday, 03 November 15
EU OIL MAJORS FACE FURTHER EARNINGS DECLINE IN Q415 - FITCH RATINGS
The sharp drop in major European oil companies' third-quarter profits is likely to be extended in the fourth quarter as refining margins, which ...
Monday, 02 November 15
DESPITE CHALLENGING MARKET CONDITIONS, ADARO LOWERS COSTS, DEBT AND DELIVERS STRONG FREE CASH FLOW
COALspot.com: Despite challenging market conditions, Adaro lowers costs, lowers debt and delivers strong free cash flow.
The Indonesia’s ...
Monday, 02 November 15
CFR SOUTH CHINA COAL SWAPS CLOSED ON A WEAK NOTE
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined US$ 1.81(3.71 %) per ton month over month.
A commodity swap ...
Sunday, 01 November 15
THE FREIGHT MARKET SENTIMENT REMAINS WEAK
This week’s freight market sentiment remains weak compared to last week.
The Baltic Dry Index (BDI), an economic indicator issued daily ...
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- PTC India Limited - India
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Minerals Council of Australia
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Australian Coal Association
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- ASAPP Information Group - India
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