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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 20 October 15
FOB RICHARDS BAY COAL SWAPS SINK INTO RED THIS PAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 declined week over week and month over month.
The Q4 swap was down US$ ...
Tuesday, 20 October 15
API 5 FOB NEWCASTLE COAL SWAP CLOSED NEGATIVE
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $1.23 per ton (2.86%) month over month to US$ 41.80 per ton. The ...
Monday, 19 October 15
RUSSIA MAJOR COAL MINER KRU CUTS 4.5 MLN T/YR "UNPROFITABLE" EURO SALES - JACQUELINE HOLMES
COALspot.com: Kuzbassrazrezugol (KRU), one of Russia's largest producers of high-quality coal, plans to cut its coal exports in 2016 by about 4 ...
Monday, 19 October 15
CFR SOUTH CHINA COAL SWAP CLOSED AT $48.68 PER TON
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down just US cents 55 (1.12 %) per ton month over month.
A commodity ...
Monday, 19 October 15
KOMIPO SEEKS 1.28 MILLION T/Y COAL FOR DEC 2015 - Q2 2016
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 1,280,000 Metric Tons (MT) of minimum 4,600 kc ...
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- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- VISA Power Limited - India
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Planning Commission, India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
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