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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Monday, 26 October 15
CFR SOUTH CHINA COAL SWAPS CLOSE DOWN 4.3% AS DEMAND CONCERNS WEIGH
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down just US$ 1.48 (3.02 %) per ton month over month.
A commodity sw ...
Sunday, 25 October 15
ANOTHER DISAPPOINTING WEEK FOR PANAMAX; INDEX FELL 5.4 PERCENT W-W
COALspot.com: The BDI was slightly up by 2.65 pct closing at 774 points mainly because of Cape index which was up by 10.85 pct closing at 1461 poin ...
Sunday, 25 October 15
DRY BULK SHIP OWNERS ARE LOOKING TO CHINA'S POLICIES FOR CUES ON FUTURE MARKET DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China’s hard or softer landing is a thing which has troubled dry bulk shipping for a couple of years now, as owners have been hit by the coun ...
Friday, 23 October 15
WILL INDIAN DOMESTIC COAL PRICES BE ABLE TO COMPETE IMPORTED COAL PRICES IF THE CURRENT TREND CONTINUES?
COALspot.com: The Most of the Indian end-users are waiting for last minute purchase to enjoy every drop in price. Coal procurement managers are als ...
Friday, 23 October 15
COAL PRODUCTION IN THE U.S. FOR THE WEEK ENDING OCTOBER 17 DECLINED FOR THE SECOND STRAIGHT WEEK
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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- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- PTC India Limited - India
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Planning Commission, India
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
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