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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 26 June 15
INDONESIA COAL PRODUCTION FALLS BETWEEN JAN-MAY : JG
The Ministry of Energy and Mineral Resources announced that coal production declined to 166 million tons between January and May, a 19 percent drop ...
Friday, 26 June 15
COAL PRODUCTION IN THE U.S ROSE 6.0% WEEK OVER WEEK, SAYS EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.3 million short ...
Thursday, 25 June 15
THE PORT OF NEWCASTLE SHIPPED 13.31% MORE COAL IN MAY 2015 COMPARED TO APRIL 2015
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.18 billio ...
Thursday, 25 June 15
CAPESIZE: PERIOD INTEREST REMAINED STRONG FOR A SECOND WEEK - INTERMODAL
COALspot.com: Following those depressive last six months, the BDI closed off on last Friday noting a substantial weekly increase, which pushed the ...
Wednesday, 24 June 15
PANAMAXES: THE OUTLOOK REMAINS NEGATIVE AS DEMAND FOR COAL IS DIMINISHING - YANNIS OLZIERSKY
As we get closer to the end of June, we can safely say that the 1st half of the year is leaving the dry bulk market with a bitter taste that we all ...
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- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Minerals Council of Australia
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Aditya Birla Group - India
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
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