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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 12 August 15
FOB NEWCASTLE COAL SWAP FLAT WEEK OVER WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 0.98 per MT (-2.20%) month over month to US$ 43.65 per mt. The swap ...
Tuesday, 11 August 15
GLOBAL PRODUCTION OF CRUDE STEEL REACHED A NEW ALL-TIME HIGH OF 1,661M TONNES IN 2014 - VDKI
COALpot.com: Global production of crude steel reached a new all-time high of 1,661m tonnes in 2014, said German Coal Importer Association, in its l ...
Tuesday, 11 August 15
2016 CFR S.CHINA COAL SWAPS CLOSED SLIGHTLY HIGHER THAN 4Q 2015 CLOSING PRICES; BUT NOT SIGNIFICANT
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US cents 10 (0.20%) per MT month over month.
A commodi ...
Monday, 10 August 15
SOUTH KOREAN UTILITY KOMIPO INVITES BITUMINOUS COAL BIDS FOR BORYEONG POWER PLANT
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 560,000 Metric Tons (MT) of 4,600kcal/kg NAR c ...
Sunday, 09 August 15
THE PANAMAX MARKET HAS REMAINED WEAK THIS WEEK
COALspot.com: The freight market continued to be buoyant with cape index pushing the BDI.
The BDI was up 10.49% and closed at 1200 points on 7 ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Planning Commission, India
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Australian Coal Association
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- The University of Queensland
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
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