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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Wednesday, 01 July 15
BEIJING HAS OFFICIALLY EXTENDED BY TWO YEARS ITS SUBSIDY PROGRAM TO SUPPORT LOCAL SHIPPING COMPANIES IN SCRAPPING THEIR OLD TONNAGE - INTERMODAL
Last week, Beijing has officially extended by two years its subsidy program to support local shipping companies in scrapping their old tonnage in w ...
Tuesday, 30 June 15
Q1'16 FOB INDONESIA COAL SWAP CLOSED $ 43.45 PER MT
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and flat week over week, this past week.
The Q3 swap was decli ...
Monday, 29 June 15
CFR SOUTH CHINA COAL SWAPS UP SLIGHTLY MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 0.57 (1.11%) per MT month over month.
A commodity swap is a ...
Monday, 29 June 15
FOB NEWCASTLE COAL SWAP SLIGHTLY UP MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.49 per MT (1.08%) month over month to US$ 45.77 per mt. The swap was ...
Saturday, 27 June 15
THE FREIGHT MARKET WAS STEADY EARLIER IN THE WEEK; SOFTEN INTO WEEK'S END
COALspot.com: The freight market remain steady earlier in the week, but towards end of the week BDI and BCI shows some signs of softening.
The ...
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- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Australian Coal Association
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
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