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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 09 September 15
FOB INDONESIA COAL SWAP LOSE GROUND ON SLOWING DEMAND
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week.
The 4Q swap declined $ 1.92 (-4.52%) per t ...
Tuesday, 08 September 15
FOB RICHARDS BAY COAL SWAPS CONTINUE TO SHOW DECLINING TREND
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, 08 September 15
GANGAVARAM PORT IN INDIA DISCHARGES RECORD 112,599 MT OF STEAM COAL IN 24 HOURS
COALspot.com: Gangavaram Port, an all weather, multipurpose port with water depth up-to 21 meters, capable of handling fully laden Super Cap ...
Monday, 07 September 15
THE MINE OF THE FUTURE WILL HAVE ONLY TWO EMPLOYEES, A MAN AND A DOG - SCOTT MCGOWAN
"The Technology and Innovation in Mining 2015" production team at Information Exchange Group interviewed Scott Mcgowan, Director, Global ...
Monday, 07 September 15
FOB NEWCASTLE COAL SWAP FOR Q2' 16 DELIVERY CLOSED US CENTS 25 LOWER COMPARED TO Q4' 15
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery declined $0.73 per MT (-1.68%) month over month to US$ 42.65 per mt. The sw ...
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- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- VISA Power Limited - India
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- White Energy Company Limited
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
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