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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 17 July 15
DO CANCELLATION RIGHTS UNDER VOYAGE CHARTERPARTY SURVIVE RE-NOMINATION OF LOAD PORT? - INCE&CO
KNOWLEDGE TO ELEVATE
Do cancellation rights under voyage charterparty survive re-nomination of load port?
St Shipping & Transport Inc ...
Thursday, 16 July 15
INDONESIA'S HBA HITS ALL-TIME LOW OF $59.16 PER METRIC TON IN JULY 2015
COALspot.com - The Director General of Mineral and Coal of Indonesia revised down Indonesian coal benchmark price once again to US$ 59.16 pe ...
Thursday, 16 July 15
FOB RICHARDS BAY COAL SWAPS DECLINE W-O-W, M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was down US$ ...
Wednesday, 15 July 15
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
The last few weeks have been rather strenuous for Greece and China, each for their own reasons, affecting most markets around the world. In Greece ...
Wednesday, 15 July 15
IRAN OIL RECOVERY TO TAKE YEARS, BUT COULD START IN 2016 - FITCH
Iranian crude oil production is likely to increase in 2016 but will take a number of years to reach its previous peak, Fitch Ratings says.
The ...
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- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Australian Coal Association
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
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