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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 31 July 15
CAPE'S PAPER MARKET REMAINS FIRM - INTERMODAL
COALspot.com: The positive sentiment that the Dry Bulk market has been enjoying as of the previous month, was carried through last week as well, bu ...
Friday, 31 July 15
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COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.8 million shor ...
Friday, 31 July 15
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Thursday, 30 July 15
EFFECTS OF THE CHINESE STOCK MARKET CRISIS - INTERMODAL
All evidence is currently signaling that the Chinese stock market will be the newest hurdle for the global economy. With the world's second lar ...
Wednesday, 29 July 15
Q1'16 FOB INDONESIA COAL SWAP CLOSED HIGHER THAN Q3'15
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and gains week over week, this past week.
The Q3 swap was decl ...
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- Central Electricity Authority - India
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- VISA Power Limited - India
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Deloitte Consulting - India
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
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