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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 23 September 15
INDONESIA: NEW REGULATION APPLIES FINAL INCOME TAX TO MINERAL AND COAL SALES - FLORENCE GRACIA SANTOSO
To increase state revenue from the mining sector, the Government of Indonesia has imposed a new final income tax on any sale of mineral and coal, a ...
Tuesday, 22 September 15
1Q16 FOB INDONESIA COAL SWAP DECLINED 6.49 PER CENT M-M
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week.
The 4Q swap declined $ 2.29 (-5.42%) per t ...
Tuesday, 22 September 15
FOB RICHARDS BAY COAL SWAPS FALL CONTINUES
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined week over week and month over month.
The 4Q swap was down US$ ...
Monday, 21 September 15
Q4' 15 FOB NEWCASTLE COAL SWAP CLOSED HIGHER THAN Q2' 16 SWAP
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery increased $0.43 per ton (1.01%) month over month to US$ 42.95 per ton. The ...
Monday, 21 September 15
CFR SOUTH CHINA COAL SWAP GAINED WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 0.45 (0.90 %) per ton month over month.
A commodit ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Thai Mozambique Logistica
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Australian Coal Association
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
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