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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Monday, 07 September 15
CFR SOUTH CHINA COAL SWAPS ROSE 1.1 PER CENT WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.52 (3 %) per MT month over month.
A commodity sw ...
Sunday, 06 September 15
AUTOMATION AND TECHNOLOGY IS CERTAINLY PART OF THE SOLUTION FOR IMPROVING PERFORMANCE AND EFFICIENCY TO MAKE THE MINE OPERATIONS MORE PROFITABLE, HOWEVER............ - LUKE JALSEVAC
"The Technology and Innovation in Mining 2015" production team at Information Exchange Group interviewed Luke Jalsevac, Director, Busines ...
Sunday, 06 September 15
THE CAPE SIZE INDEX ROSE 10.83 PER CENT WEEK OVER WEEK
COALspot.com: The BDI, the Baltic exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, declined o ...
Saturday, 05 September 15
DRY BULK MARKET MAY SUFFER NOW, BUT IS BOUND FOR A RECOVERY THANKS TO A LIMITED FUTURE FLEET GROWTH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The slow increase of dry bulk tonnage growth this year could turn into a solid indicator of the market’s future prospects. According to a rec ...
Friday, 04 September 15
U.S. COAL PRODUCTION FOR THE W/E AUGUST 29, UP SLIGHTLY; FALL 4.5 PERCENT Y-Y: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.7 million shor ...
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- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
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