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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 01 September 15
FOB INDONESIA COAL SWAPS FURTHER SLIDE TO US$ 40.62 PMT; DECLINE 5.34 PERCENT M-O-M
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and slightly dropped week over week.
The 4Q swap was declined ...
Tuesday, 01 September 15
FOB RICHARDS BAY COAL SWAPS STILL SLIDING; Q2'16 DELIVERY LOST AROUND 6 PERCENT M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 gain week over week but declined month over month.
The 4Q swap was dow ...
Monday, 31 August 15
API 5 FOB NEWCASTLE COAL SWAP GAINS WEEK OVER WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 1.85 per MT (-4.23%) month over month to US$ 41.87 per mt. The swap ...
Monday, 31 August 15
Q1'16 CFR SOUTH CHINA COAL SWAP ENDS DOWN MORE THAN 4 PERCENT MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.91 (3.78%) per MT month over month.
A commodity ...
Sunday, 30 August 15
THE DRY BULK MARKET UNDOUBTEDLY REMAINS WEAK & VOLATILE THIS WEEK
COALspot.com: The BDI slipped further down this week, moving closer to 900 level. This week’s BDI falls 9.15 pct and closed at 903 points. Wh ...
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- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- The University of Queensland
- GVK Power & Infra Limited - India
- Australian Coal Association
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- PTC India Limited - India
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Planning Commission, India
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
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