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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 17 August 15
INDONESIAN THERMAL COAL REFERENCE PRICE HITS RECORD LOW AGAIN!
COALspot.com - The Director General of Mineral and Coal of Indonesia revised down Indonesian coal benchmark price once again to US$ 59.14 per MT fo ...
Monday, 17 August 15
CFR SOUTH CHINA COAL SWAPS CONTINUE TO HEAD SOUTH
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US cents 40 (1.05%) per MT month over month.
A commodi ...
Sunday, 16 August 15
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO STEADY NEXT WEEK
COALspot.com: The BDI softened 12.08 per cent to 1055 points this week due to weakening of cape index which was fell 25 per cent week over week to ...
Friday, 14 August 15
FOB INDONESIA COAL SWAP SHOWING NO MOVEMENT THIS PAST WEEK
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week, this past week.
The 4Q swap was declined $ ...
Friday, 14 August 15
U.S. COAL PRODUCTION UP 2.9 PER CENT THIS WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.2 million shor ...
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- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Australian Coal Association
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- The University of Queensland
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- ASAPP Information Group - India
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