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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 01 October 15
SOUTH KOREA'S KOMIPO SEEKS SPOT BITUMINOUS COAL SUPPLIES
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 265,000 Metric Tons (MT) of minimum 4,600 kcal ...
Wednesday, 30 September 15
Q1'16 FOB INDONESIA COAL SWAP FALLS $1.25 A TON AS SLIDE CONTINUES
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 0.72 (-1.78%) per t ...
Wednesday, 30 September 15
NEW BUILDING MARKET INSIGHT
COALspot.com: This year has been, beyond any doubt, a rather strenuous one for the newbuilding market. Ordering activity with regards to Dry Bulker ...
Tuesday, 29 September 15
FOB RICHARDS BAY COAL SWAPS ARE SLIDING
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$ ...
Monday, 28 September 15
API 5 FOB NEWCASTLE COAL SWAPS UP $2.15 IN ONE MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery increased $2.10 per ton (5.15%) month over month to US$ 42.93 per ton. The ...
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- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- The Treasury - Australian Government
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- The University of Queensland
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- VISA Power Limited - India
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