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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Tuesday, 15 September 15
Q2'16 RICHARDS BAY COAL SWAPS DIP TO $ 51.10 PER TON
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$ ...
Tuesday, 15 September 15
API 5 FOB NEWCASTLE COAL SWAP FOR 4Q' 2015 DELIVERY CLOSED AT $42.71 PER TON ON 11 SEPT, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery declined $0.94 per MT (-2.15%) month over month to US$ 42.71 per mt. The sw ...
Monday, 14 September 15
Q1'16 CFR SOUTH CHINA COAL SWAP DECLINED $1.80 PMT M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.62 (3.21 %) per MT month over month.
A commodity ...
Monday, 14 September 15
MOODY'S LOWERS COMMODITY PRICE ASSUMPTIONS ON MACRO, INDUSTRY FACTORS
COALspot.com: Moody's Investors Service has lowered its base metal price assumptions for 2015-17 as slowing growth in China, lower oil prices, ...
Sunday, 13 September 15
FREIGHT RATES ARE EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The BDI decreased further by 6.51 per cent or 57 points since last Friday and closed at 818 on 11 September 2015 while the cape index ...
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- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- The University of Queensland
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
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