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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 18 June 15
MERCATOR'S KAMSARMAX FIXED WITH CLEARLAKE
COALspot.com: Mercator Lines (Singapore) Limited, a leading Indian-owned international dry bulk shipping company focused on markets such as India, ...
Wednesday, 17 June 15
PANAMAX RATE AVERAGED $22.82 PMT IN THE FIRST 10 DAYS OF JUNE FOR THE GRAIN ROUTE FROM SANTOS, BRAZIL, TO QINGDAO, CHINA - INTERMODAL
This year, Brazil will be exporting a record 96 million tons of soybean crop and starting in August the country will begin shipping a second corn c ...
Tuesday, 16 June 15
MERS: POTENTIAL CHARTERPARTY IMPLICATIONS - CLYDE & CO
KNOWLEDGE TO ELEVATE
South Korea's current outbreak of Middle East Respiratory Syndrome (MERS) has been the focus of much international at ...
Tuesday, 16 June 15
Q3 FOB INDONESIA COAL SWAP PRICE DOWN 50 CENTS OVER PAST WEEK
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains month on month but declined week over week, this past week.
The Q3 swap was clim ...
Tuesday, 16 June 15
FOB RICHARDS BAY COAL SWAPS: PRICES MOVED UP ON THE WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and week over week.
The Q3 swap was up US$ 1.70 ...
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- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
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- Agrawal Coal Company - India
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- White Energy Company Limited
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Australian Coal Association
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Planning Commission, India
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
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- Mjunction Services Limited - India
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- PTC India Limited - India
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
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