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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 15 October 15
INDONESIA COAL PRICE REFERENCE FALLS FOR SEVEN STRAIGHT MONTH IN OCTOBER
COALspot.com - The Director General of Mineral and Coal of Indonesia once a again revised down Indonesian coal benchmark price this month.
The ...
Thursday, 15 October 15
Q1' 16 FOB RICHARDS BAY COAL SWAP ADVANCED 2 PER CENT WEEK OVER WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 gain week over week and declined month over month.
The Q4 swap was dow ...
Tuesday, 13 October 15
DRY BULK SHIPPING FLEET NET EXPANSION WAS 1.3% DURING THIRD QUARTER, BUT ORDERBOOK REDUCED TO 17% OF THE TRADING FLEET
If the dry bulk market is to rebound on a sustainable level, it needs to limit the tonnage expansion, at least until demand picks up again, as Chin ...
Tuesday, 13 October 15
FOB NEWCASTLE COAL SWAP DECLINED 2 PER CENT MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $0.46 per ton (1.08%) month over month to US$ 42.17 per ton. The ...
Monday, 12 October 15
CFR SOUTH CHINA COAL SWAPS GAIN W-W; SLIGHTLY DOWN M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down just US cents 3 (0.06 %) per ton month over month.
A commodity ...
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- Central Electricity Authority - India
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Australian Coal Association
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- PTC India Limited - India
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- CNBM International Corporation - China
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