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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Friday, 04 September 15
GOVERNORS WILL HAVE THE POWER TO REVOKE MINERS' PERMITS: ENERGY MINISTRY - JG
Starting Oct. 1, Indonesia's governors will lawfully become "executors" in revoking the licenses of miners that fail to secure a &quo ...
Thursday, 03 September 15
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO REVISE HBA METHODOLOGY
COALspot.com: Ministry of Energy and Mineral Resources (ESDM) in process to revise Indonesian Coal Price Reference (HBA) and expected to complete b ...
Thursday, 03 September 15
THE CHINESE STOCK MARKET AND THE CHINESE ECONOMY CONTINUE TO SUBSTANTIALLY AFFECT TRADING - INTERMODAL
The last week of the summer season saw the BDI dipping further on the back of another significant drop in rates for Capes, which brought the market ...
Wednesday, 02 September 15
PORT OF NEWCASTLE SHIPPED 13.46 MMT OF COAL IN JULY; UP 0.66 PER CENT M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.224 billi ...
Wednesday, 02 September 15
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
In the beginning of the summer period SnP activity was firm with numerous buyers, coming mainly from Greece and the Far East, inspecting ships and ...
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- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- The University of Queensland
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- SMG Consultants - Indonesia
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