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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 28 August 15
DRY BULK SHIP OWNER OPTIMISTIC ABOUT FUTURE PROSPECTS OF THE MARKET: NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Dry bulk ship owner Golden Ocean appeared optimistic on the long term prospects of the dry bulk market, mainly thanks to an expected resolution of ...
Friday, 28 August 15
COAL PRODUCTION IN THE U.S. FOR THE WEEK ENDING AUGUST 22 ROSE FOR THE THIRD STRAIGHT WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.5 million shor ...
Friday, 28 August 15
BANPU STRENGTHENS GROWTH PLAN
Coal Business: Asia-Pacific Synergies Increase Competitiveness for Premium Export Market.
Banpu Public Company Limited (BANPU) strengthens its ...
Thursday, 27 August 15
RATES FOR CAPES REMAINED ON A FREE FALL LAST WEEK - INTERMODAL
COALspot.com: Keeping everyone on their toes with the volatility seen in August, the Dry Bulk market undoubtedly remains a steady provider of chall ...
Wednesday, 26 August 15
MARKET INSIGHT - STRATOS TINIAKOS
It’s always interesting to comment on the market when big economies around the world are facing troubling times. Following the collapse of th ...
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- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
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