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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Saturday, 31 October 15
ADARO ENERGY'S CORE EARNINGS DECLINE 21 PER CENT FOR THE NINE MONTHS PERIOD TO SEPTEMBER 2015
COALspot.com: Adaro Energy's core earnings decline 21% to US$228 Million for first 9months of this year compared to the same period last year. ...
Friday, 30 October 15
INDONESIA'S COAL EXPORTS DROP ON LOW PRICES - THE JAKARTA POST
Indonesia's coal exports significantly dropped in the first nine months of the year as coal companies continued to suffer from low prices in ad ...
Friday, 30 October 15
CHINESE MINERAL IMPORTS: MOVING ON FROM INDONESIA? - CLARKSONS
China has accounted for almost 90% of global imports of nickel ore and bauxite in recent years and was therefore heavily hit by the Indonesian mine ...
Friday, 30 October 15
COAL PRODUCTION IN THE UNITED STATES INCREASED THIS WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.5 million shor ...
Thursday, 29 October 15
IRAN'S RETURN TO OIL MARKETS WILL HAVE TEMPERED IMPACT FOR THE TANKER SHIPPING INDUSTRY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While many analysts appear to be fearful of a potential incremental rise in tanker ships’ supply, as a result of the imminent return of Iran ...
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- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- MS Steel International - UAE
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Posco Energy - South Korea
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Planning Commission, India
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- PTC India Limited - India
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
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