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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 24 August 15
IS CHINA'S STEEL EXPORTS ENOUGH TO SUPPORT THE FREIGHT MARKET? - BIMCO
No, it’s not enough, you will need lower Chinese iron ore production too in order to keep growing imports of iron ore into China that will su ...
Sunday, 23 August 15
SHIPPING FREIGHT RATES FALL SHARPLY ON EXCESS SUPPLY AND LOW DEMAND
COALspot.com: The BDI continued to soften and was down 5.78 pct and falls back below 1000 points this week.
The cape Index lost 17.25 per cent ...
Friday, 21 August 15
U.S. YEAR-TO-DATE COAL PRODUCTION VOLUME FALLS 8.7% Y-O-Y
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.3 million shor ...
Friday, 21 August 15
GLOBALCOAL TO LAUNCH ONLINE TRADING OF PHYSICAL MET COAL ON 13 OCTOBER
On 13 October 2015, globalCOAL will launch an online platform for the physical procurement and trade of high quality hard coking coal delivered FOB ...
Thursday, 20 August 15
COAL PRICES FALL TO 12-YEAR LOWS AS CHINA, INDIA JOIN DEMAND SLOWDOWN - REUTERS
Coal futures have fallen to 12-year lows, hit by soaring production and a slowdown in global buying, including from India and China which until rec ...
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- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Australian Coal Association
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
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