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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 15 June 15
API 5 FOB NEWCASTLE COAL SWAP: Q1'16 DELIVERY CLOSED 1.14% LOWER THAN Q4'15 DELIVERY PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 1.10 per MT (2.47%) month over month to US$ 45.67 per mt. The swap ...
Monday, 15 June 15
CFR SOUTH CHINA COAL SWAP: ROSE M-O-M; DECLINED W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 1.43 (2.82%) per MT month over month.
A commodity swap is a ...
Sunday, 14 June 15
THE FREIGHT MARKET FINISHED THE WEEK UP COMPARED TO LAST WEEK
COALspot.com: The freight market finished the week up compared to last week. All the segments except for Cape index were up. Cape segment was ...
Friday, 12 June 15
EXPECTATIONS IN REGARDS TO THE SUMMER SEASON VARY ACROSS THE MARKET - INTERMODAL
The Dry Bulk market closed off last slightly up last week, with the BDI re-gaining the 600 points level, while the driving force behind the increas ...
Friday, 12 June 15
U.S. PRODUCED 15.1 MMST OF COAL THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.1 million short ...
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- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- The University of Queensland
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
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