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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Monday, 20 July 15
CFR SOUTH CHINA COAL SWAPS GAIN WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 1.18 (2.27%) per MT month over month.
A commodity swap ...
Sunday, 19 July 15
BDI GAINED AND CROSSED 1000 MARK THIS WEEK
COALspot.com: The BDI gained and crossed 1000 mark after many months this Friday. The BDI was up almost 20 pct and closed 1048 points on 17 July 20 ...
Saturday, 18 July 15
INTERVIEW : FRANZ ESCALANTE, CHIEF OF INFORMATION SYSTEMS, MINERA CHINALCO, PERU
We are interested in the technology of Autonomous trucks, the new-generation trucks are not remote controlled, they are truly autonomous - Franz Es ...
Friday, 17 July 15
COAL PRODUCTION IN THE U.S. INCREASES SHARPLY FOR THE WEEK ENDING JULY 11
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.4 million short ...
Friday, 17 July 15
INDONESIAN POWER-STATION COAL SWAPS DECLINE CONTINUES THIS PAST WEEK
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and week over week, this past week.
The Q3 swap was declined $ ...
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- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- PTC India Limited - India
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
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