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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 03 July 15
U.S DELIVERS WEAK FIRST HALF COAL PRODUCTION; 8.8% LOWER Y-O-Y
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.5 million short ...
Friday, 03 July 15
SHIPPING CONFIDENCE EQUALS SEVEN-YEAR LOW - MOORE STEPHENS
Overall confidence levels in the shipping industry fell during the three months to May 2015 to a level equal to the lowest rating recorded in the p ...
Thursday, 02 July 15
TECHNOLOGY AND INNOVATION IN MINING 2015 - IXG
Information Exchange Group’s Technology and Innovation in Mining 2015- International Summit on Mining
Press Release: The inaugural editi ...
Thursday, 02 July 15
THE PERFORMANCE OF THE CAPESIZE SEGMENT PUSHED DRY BULK MARKET TO UPWARD LAST WEEK
COALspot.com: The Dry Bulk market continued its upward movement last week, with the BDI closing off on Friday (26 June) in excess of 800 points, wh ...
Wednesday, 01 July 15
Q4'15 AND Q1'16 FOB RICHARDS BAY COAL SWAPS ROSE W-O-W AND M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and down week over week.
The Q3 swap was up US$ ...
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- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Australian Coal Association
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- The University of Queensland
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
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