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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Thursday, 09 July 15
CPP MARKET : POSITIVE IN THE SHORT TERM - GEORGE VASTARDIS
Despite the traditionally quieter summer period, the clean tanker market has so far experienced healthy activity especially East of Suez. Increased ...
Thursday, 09 July 15
LACK OF FRESH BUSINESS IN THE PACIFIC LEFT CAPESIZE RATES MOVING SIDEWAYS - INTERMODAL
COALspot.com: Intermodal ship broker says in its weekly report that, a different picture from what we saw the previous week was painted during the ...
Wednesday, 08 July 15
RIO TINTO'S MODERNISED KITIMAT SMELTER BEGINS PRODUCTION; KITIMAT BECOMING ONE OF THE LOWEST COST SMELTERS IN THE WORLD
COALspot.com: Rio Tinto is preparing its first shipments of metal from its world-class Kitimat aluminium smelter in Canada following an extensive m ...
Wednesday, 08 July 15
Q3'15 INDONESIA COAL SWAP DECLINED 3.14% MONTH OVER MONTH
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 $ ...
Tuesday, 07 July 15
FOB RICHARDS BAY COAL SWAPS DECLINED WEEK OVER WEEK
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$ ...
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- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
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