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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Sunday, 21 June 15
SPOT RATE AVERAGES FOR FREIGHT FROM INDONESIA TO INDIA REMAIN STRONG THIS WEEK
COALspot.com: The freight market was quite firm this week compared to last week. The BDI was up 21% week on week and closed at 779 points. The cape ...
Friday, 19 June 15
U.S. WEEKLY COAL PRODUCTION UP SLIGHTLY COMPARED TO LAST WEEK; CONTINUES TO BE DOWN FROM LAST YEAR
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.4 million short ...
Friday, 19 June 15
INDONESIA'S COAL-TRAFFICKING PROBLEM REQUIRES IMPARTIAL INQUIRY - JAKARTA GLOBE
Indonesia, the leading supplier to the seaborne thermal coal market, produces 420 million tons of coal per year, according to its official tally.
...
Thursday, 18 June 15
DRY BULK SHIPPING: LOWEST FLEET GROWTH IN 10 YEARS MAY NOT PROVE ENOUGH AS DEMAND IS NOT KEEPING PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The demand side of things in the dry bulk market seems unable to keep pace with even the slightest fleet growth, a sign of the demise that the indu ...
Thursday, 18 June 15
THE FAR EAST HANDYSIZE, HANDYMAX, SUPRAMAX MARKET REMAINED STEADY LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market closed off on Friday (last week) noting small gains on the back of stronger performance in the Panamax segment, w ...
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- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
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