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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Tuesday, 04 August 15
SHIPPING CYCLES - A CHESS GAME YOU DON'T WANT TO LOSE - CLARKSONS
Ingmar Bergman’s classic movie The Seventh Seal is about a knight who, during the Black Death, challenges Death to a chess match, in the hope ...
Monday, 03 August 15
NEWCASTLE COAL SWAPS DECLINE FURTHER THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 1.92 per MT (-4.22%) month over month to US$ 43.58 per mt. The swap ...
Monday, 03 August 15
CFR SOUTH CHINA COAL SWAPS SLIDE THIS WEEK
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined US$ 1.64 (3.14%) per MT month over month.
A commodity swap ...
Sunday, 02 August 15
CAPESIZE RATES PUSH BDI UPWARD
COALspot.com: The freight market was buoyant this week as BDI rose 4.14 pct to 1131 points. The cape index was also increased 16.50 pct 2209 points ...
Saturday, 01 August 15
DRY BULK MARKET KEEPS ITS MOMENTUM, AS OUTLOOK IMPROVES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Although conditions remain more than challenging, especially from an economic point of view (aka China’s stock worries), the dry bulk market ...
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- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- PTC India Limited - India
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
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