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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 14 August 15
CONDITIONS AND COMPLEXITIES IN A TRIPARTITE AGREEMENT: BE SPECIFIC! - INCE & CO
KNOWLEDGE TO ELEVATE
A tripartite agreement reached between the Owners, the Shippers and the Receivers provided that demurrage be paid to the ...
Thursday, 13 August 15
THE RATES FOR CAPES KEPT RALLYING LAST WEEK - INTERMODAL
COALspot.com: Strong Capesize performance kept supporting the Dry Bulk market last week, which noted another positive weekly closing, while rates f ...
Thursday, 13 August 15
FOB RICHARDS BAY COAL SWAPS CONTINUE FALLING
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$ ...
Wednesday, 12 August 15
DRY BULK MARKET: WITHOUT A DOUBT REACHED HEALTHIER LEVEL
A few weeks before the end of the summer season, the BDI is hovering around 1,200 points, providing some much needed optimism to all Dry Bulk marke ...
Wednesday, 12 August 15
REGULATION CURBS POWER OF LOCAL AUTHORITIES IN MINING SECTOR IN INDONESIA - FLORENCE G. SANTOSO
The Indonesian Government appears to be getting serious about stripping Regents of the authority to issue mining licenses. The Government took the ...
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- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- VISA Power Limited - India
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
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