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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 29 October 15
Q2' 16 FOB INDONESIA COAL SWAP CLOSED US$ 37.40 PER TON; DECLINED 5.56 PER CENT M-M
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 2.13 (-5.34%) per t ...
Wednesday, 28 October 15
Q2'16 FOB RICHARDS BAY COAL SWAP SEES FURTHER DECLINES
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 gained week over week and declined month over month.
The Q4 swap was d ...
Wednesday, 28 October 15
BDI INCREASE TOOK PLACE SOLELY ON THE BACK OF CAPESIZE PERFORMANCE, BUT........ - INTERMODAL
COALspot.com: The Dry Bulk market closed off the week noting a small improvement which nonetheless failed to lift sentiment, not only because ...
Tuesday, 27 October 15
Q1'16 API 5 FOB NEWCASTLE COAL SWAP DECLINE 6 PER CENT M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $2 per ton (4.66%) month over month to US$ 40.93 per ton. The swa ...
Monday, 26 October 15
PORT OF NEWCASTLE SHIPPED 10.5 PER CENT LESS COAL IN SEPTEMBER, COMPARED TO AUGUST LOADING
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.161 billi ...
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- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
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