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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 05 October 15
Q1 & Q2 2016 DELIVERY SWAPS DECLINED M-M AND W-W THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $0.36 per ton (0.85%) month over month to US$ 42.12 per ton. The ...
Monday, 05 October 15
Q1' 16 CFR SOUTH CHINA COAL SWAP CLOSED US$ 48.05 PER TON
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down US$ 0.47 (0.96 %) per ton month over month.
A commodity swap is ...
Monday, 05 October 15
SMALL DECLINE IN 2014 SHIP OPERATING COSTS - MOORE STEPHENS
Total annual operating costs in the shipping industry fell by an average of 0.8% in 2014. This compares with the 0.3% average fall in costs recorde ...
Sunday, 04 October 15
THE INDO-INDIA FREIGHT MARKET REMAINS UNDER PRESSURE
COALspot.com: The BDI closed on Friday (2 Oct 2015) at 889 points, down by 54 points compared to previous Friday's closing ( 24 Sept 2015) of 9 ...
Friday, 02 October 15
COAL PRODUCTION IN THE UNITED STATES DECREASED THIS WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.5 million shor ...
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- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- The University of Queensland
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
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