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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Wednesday, 07 October 15
U.S. COAL EXPORTS FOR THE FIRST SEVEN MONTHS DOWN 21 PER CENT COMPARED WITH THE SAME PERIOD IN 2014 - EIA
Coal Supply
Lower U.S.’s domestic coal consumption and reduced exports contribute to a forecast decline of 89 million short tons (M ...
Wednesday, 07 October 15
SHIPPING MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2015 and more specifically during the summer season has been rather remarkable. 421 v ...
Wednesday, 07 October 15
INDONESIA COAL SWAPS HAVE CONTINUED TO DECLINE, FALLING ALMOST 7% M-M
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 2.23 (-5.51%) per t ...
Tuesday, 06 October 15
THE IMPACT OF LOW OIL PRICE ON THE SHIPPING INDUSTRY - LITERATED
The fall in global oil prices over the last one year has been beneficial to the shipping industry. The demand for oil tankers has picked up and the ...
Tuesday, 06 October 15
FOB RICHARDS BAY COAL SWAPS PLUNGE MORE THAN 6 PER CENT M-M
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$ ...
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- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Planning Commission, India
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
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- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- PTC India Limited - India
- VISA Power Limited - India
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
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