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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 28 September 15
CAPESIZE FLEET INCREASES BY JUST 1 VESSEL DURING LAST 12 MONTHS, IN POSITIVE SIGN FOR DRY BULK SHIPPING MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
After a rather tumultuous period, the shipping industry and more particular the dry bulk market has started to adjust to the new realities of globa ...
Monday, 28 September 15
Q1'16 CFR SOUTH CHINA COAL SWAP ROSE 2.73 PER CENT M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery moved upward US$ 1.45 (3.04 %) per ton month over month.
A commodity ...
Sunday, 27 September 15
THE PANAMAX INDEX FELL 1.19 PCT WEEK OVER WEEK
COALspot.com: The BDI closed Friday (25/09/2015) at 943 points, down by 17 points compared to previous Friday closing (18/09/2015). The BDI wa ...
Friday, 25 September 15
COAL PRODUCTION IN THE U.S. FOR THE WEEK ENDING SEPTEMBER 19 ROSE 2.5% PER CENT W-W
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.8 million shor ...
Wednesday, 23 September 15
CAPESIZE: SPOT RATES HAVE INCREASED MORE THAN 70 PER CENT DURING LAST WEEK
Dry Bulk owners, always look at September as the time that the market “signals” what lies ahead for the remainder of the year. The Chin ...
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- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- The University of Queensland
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- VISA Power Limited - India
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
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