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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 07 August 15
COAL PRICE DEVELOPMENTS CAN ONLY BE DESCRIBED, SUCCINCTLY AS "OVERSUPPLY MEETS SUBDUED DEMAND" - VDKI
Coal Outlook 2015 – International
Regarding the outlook for global coal trading, two questions arise: firstly, “ whether the years of ...
Friday, 07 August 15
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 528.1 MMST; DOWN 8.7% Y/Y - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.7 million shor ...
Thursday, 06 August 15
THE RATES FOR CAPES SHOOT UP LAST WEEK; GIVING THIS RECENT RALLY SOME MUCH NEEDED LEGS - INTERMODAL
COALspot.com: The Dry Bulk market noted another positive closing last week, entirely supported by Capesize performance, which managed to balance th ...
Thursday, 06 August 15
HARD COAL AND COKE IMPORTS TO GERMANY REACH NEW ALL-TIME HIGH OF 56.2M TONES IN 2014
Demand for German and imported hard coal In 2014, in 2014 fell by almost 8%, or 4.8m TCE, to 56.2m TCE.
According to German Coal Importer ...
Thursday, 06 August 15
SEABORNE WORLD TRADE IN STEAM COAL GROWS BY 3% YOY - GERMAN COAL IMPORTER ASSOCIATION
Global trade with hard coal, at 1,272m tones in 2014, increased by 35m tonnes or 3% in comparison with the previous year.
According to associa ...
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- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Posco Energy - South Korea
- PowerSource Philippines DevCo
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