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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 26 August 15
2Q'16 FOB INDONESIA COAL SWAP FALLS NEARLY 4.76 PER CENT M-O-M
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week.
The 4Q swap was declined $ 2.20 (-5.13%) p ...
Tuesday, 25 August 15
INDONESIA MINERS' NPLS TO RISE FURTHER, BANK RISKS BUILD - FITCH
The NPLs of Indonesian mine and mine services companies are likely to rise further in the short term, says Fitch Ratings, after reaching multi-year ...
Tuesday, 25 August 15
MINER'S EARNINGS DROP ON FALLING COAL PRICES; Q2'16 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 52.23 A TON
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined month over month and week over week.
The 4Q swap was down US$ ...
Monday, 24 August 15
FOB NEWCASTLE COAL SWAPS HIT FRESH LOW, DIPPING BELOW $42 A TON
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 2.20 per MT (-5.01%) month over month to US$ 41.70 per mt. The swap ...
Monday, 24 August 15
Q1'16 CFR SOUTH CHINA COAL SWAP CLOSED AT $ 48.65 PMT
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.89 (3.74%) per MT month over month.
A commodity ...
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- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Posco Energy - South Korea
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- The University of Queensland
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
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