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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 13 July 15
THE DRY BULK MARKET CLOSED ON A POSITIVE TONE THIS PAST WEEK
COALspot.com: Despite Greece crisis and turmoil in the stock market across the world , the freight market overall was firm and up in all segments t ...
Sunday, 12 July 15
SHIPYARD NOT LIABLE FOR ENGINE ROOM FIRE CAUSED BY OIL LEAKAGE - BIRCH WINDAHL
KNOWLEDGE TO ELEVATE
A Danish vessel owner requested a Danish shipyard to undertake repairs and maintenance works on its vessel. An agreement ...
Saturday, 11 July 15
MAJOR IRANIAN GAS EXPORTS WILL TAKE AT LEAST FIVE YEARS - FITCH
Iran has the long-term potential to become one of the world's top gas producers, thanks to its 34 trillion cubic meters (tcm) of natural gas re ...
Friday, 10 July 15
DRY BULK MARKET KEEPS POSITIVE MOMENTUM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its positive momentum over the course of the past few days, thanks to Panamax gains. During yesterday’s session ...
Friday, 10 July 15
U.S PRODUCED APPROXIMATELY TOTALED AN ESTIMATED 14.1 MMST WEEK OVER WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 14.1 million short ...
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- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Planning Commission, India
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- The University of Queensland
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Deloitte Consulting - India
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Economic Council, Georgia
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
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