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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Monday, 01 June 15
35,000 MW POWER PLANTS TO BOOST COAL CONSUMPTION - JP
The government’s program to develop 35,000 megawatt (MW) power plants will increase domestic coal consumption, which currently stands at arou ...
Monday, 01 June 15
API 5 FOB NEWCASTLE COAL SWAP; Q1'16 CLOSED LOWER COMPARED TO Q3'15
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.36 per MT (0.80%) month over month. The swap was closed at US$ ...
Monday, 01 June 15
CFR SOUTH CHINA COAL SWAP: GAINED W-W, M-M; Q1'16 CLOSED HIGHER THAN Q3'15
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery up US$ 1.15 (2.26%) per MT month over month.
A commodity swap is a f ...
Sunday, 31 May 15
CAPE AND PANAMAX SEGMENTS SLIDE CONTINUES
COALspot.com: The BDI was up about 0.5 pct week on week and closed at 589 points while the cape index was fell 0.73 pct and closed at 810 po ...
Friday, 29 May 15
DRY BULK MARKET IS THE VICTIM OF A SHIFT IN DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The fall in dry bulk freight rates is attributed, in large part, to the substantial decrease of China’s thermal coal imports, a major commodi ...
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- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- White Energy Company Limited
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- PTC India Limited - India
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
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