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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 17 September 15
LOW DEMAND PUSH COAL SWAP DOWN
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and gain week over week.
The 4Q swap declined $ 1.77 (-4.17%) ...
Thursday, 17 September 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
Having experienced, as it was much anticipated, a poor 1st half combined with negative forecasts, summer, in sharp contrast, proved to be more hope ...
Wednesday, 16 September 15
SLOWER GROWTH IN WORLD COAL DEMAND AND LOWER INTERNATIONAL COAL PRICES LED A DECLINE IN INDONESIAN COAL PRODUCTION
COALspot.com: Slower growth in world coal demand particularly China and lower international coal prices have led to a decline in Indonesian coal pr ...
Wednesday, 16 September 15
HIGHER TAXES COULD LEAD GREEK SHIP OWNERS OUT OF THE COUNTRY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
A potential taxation overhaul of the shipping industry in Hellas, which could see the loss of particular tax benefits for ship owners, could lead t ...
Tuesday, 15 September 15
WORLD SEABORNE TRADE: ENTERING INTO A ROLE REVERSAL? - CLARKSONS
Over the past decade, world seaborne trade growth has been dominated by dry bulk and container trade. However, developments in the global economy t ...
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- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Interocean Group of Companies - India
- White Energy Company Limited
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- The University of Queensland
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
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