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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Sunday, 26 July 15
INDO-INDIA OCEAN COAL FREIGHT RATES REMAIN STEADY
COALspot.com: The freight market continued lost steam towards end of the week and all indices were showing downward trend.
The BDI was up by 3 ...
Friday, 24 July 15
U.S PRODUCED 17.2 MMST OF COAL FOR THE WEEK ENDED JULY 18; FELL 11.5% YEAR ON YEAR
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.2 million shor ...
Friday, 24 July 15
THE IMPACT OF COLLAPSING CHINESE COAL IMPORTS - CLARKSONS
Global seaborne coal trade is currently projected to drop 1% y-o-y in 2015, which would be the first annual decline in almost three decades. The dr ...
Thursday, 23 July 15
ELEVEN NEW NICKEL SMELTERS ARE TO BE BUILT IN INDONESIA OVER THE NEXT TWO YEARS AT A COST OF $1.4 BILLION
Indonesia’s Most Reputable Nickel Event
Eleven new nickel smelters are to be built in Indonesia over the next two years at a cost of $1. ...
Thursday, 23 July 15
THE CAPESIZE SEGMENT KEPT FOUNDING SUPPORT ON INCREASED DEMAND FROM CHINESE STEEL MILLS - INTERMODAL
The Dry Bulk market closed off on Friday (17July 2015) noting substantial gains and the BDI surpassing the 1,000 points level for the first time af ...
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- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- The University of Queensland
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
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