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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 05 August 15
SHIPPING MARKET INSIGHT - KATERINA RESTIS
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Wednesday, 05 August 15
COAL CONSUMPTION POSTED THE STRONGEST GROWTH AMONG THE FOSSIL ENERGY SOURCES IN 2014 - VDKI
Coal 2014: again the world's fastest-growing primary energy source and an indispensable asset for the success of the energy turnaround.
Ac ...
Wednesday, 05 August 15
FOB INDONESIA THERMAL COAL SWAPS FALL
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 $ ...
Wednesday, 05 August 15
DRY BULKER PRICES START TO FIRM UP AS MARKET SENTIMENT IMPROVES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Market pessimism in the dry bulk industry, a trend which had established itself over the course of the year, has started to fade away over the past ...
Tuesday, 04 August 15
FOB RICHARDS BAY COAL SWAPS CONTINUE TO FALL DUE TO SLIDING DEMAND
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$ ...
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- White Energy Company Limited
- Indika Energy - Indonesia
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- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
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