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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Tuesday, 09 June 15
FOB RICHARDS BAY COAL SWAPS DECLINED M-O-M, W-O-W
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was fell US$ ...
Monday, 08 June 15
SHIPPING FLEET GROWTH HAS STARTED TO SLOW DOWN, AS NEWBUILDINGS AMOUNT TO JUST 329 SHIPS OF ALL TYPES SINCE THE START OF 2015 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Challenging market conditions have led to the inevitable reconsideration of ship owners’ priorities. Uncertainty has been the norm over the p ...
Monday, 08 June 15
API 5 FOB NEWCASTLE COAL SWAPS ADVANCED M-O-M AND W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery increased US$ 0.65 per MT (1.44%) month over month to US$ 45.65 per mt. The ...
Monday, 08 June 15
Q3'15 CFR SOUTH CHINA COAL SWAP ADVANCED 3.51% TO $52.48 PMT THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 1.78 (3.51%) per MT month over month.
A commodity swap is a ...
Sunday, 07 June 15
PANAMAX INDEX ROSE OVER 13% THIS WEEK
COALspot.com: The freight market was up on all segments this past week. The BDI was advanced 3.56% and closed at 610 points. The Cape Index was cli ...
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- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- SMC Global Power, Philippines
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Australian Coal Association
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
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