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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 19 August 15
FOB INDONESIA COAL SWAPS CONTINUE FLAT TREND LINE THIS WEEK
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and flat week over week, this past week.
The 4Q swap was decli ...
Tuesday, 18 August 15
DRY BULK: MARKETS HAVE CONTINUED TO BE SEVERELY CHALLENGED - CLARKSONS
The dry bulk markets have continued to be severely challenged with freight rates falling during the period to below operating expense. The Baltic D ...
Tuesday, 18 August 15
1Q'16 FOB RICHARDS BAY COAL SWAP FALLS BELOW $54 A TON
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined month over month and week over week.
The 4Q swap was down US$ ...
Tuesday, 18 August 15
2Q' 16 FOB NEWCASTLE COAL SWAP CLOSED AT $43 PER MT W/E 14 AUGUST
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 1.08 per MT (-2.46%) month over month to US$ 42.82 per mt. The swap ...
Monday, 17 August 15
TROUBLED DRY BULK MARKET FACES TURMOIL AS CHINESE COAL IMPORTS REMAIN WEAK - BIMCO
The demand for coal in China continues to diminish. So much in fact that India is expected to succeed China as the world’s largest imp ...
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- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Aditya Birla Group - India
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