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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Friday, 29 May 15
COAL PRODUCTION IN THE U.S. ALMOST FLAT THIS PAST WEEK
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.1 million short ...
Friday, 29 May 15
SOUTH KOREAN STATE-OWNED UTILITY KOREA MIDLAND POWER INVITES BIDS FOR 780K MT OF COAL FOR H2' 15
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 780K Metric Tons (MT) of HCV and LCV ...
Thursday, 28 May 15
TIMEBAR FOR DEMURRAGE CLAIMS - SKULD
KNOWLEDGE TO ELEVATE
English law has traditionally had a strict approach to contractually agreed time bars between commercial parties as well ...
Wednesday, 27 May 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
Earlier in the year I looked at how the market was reacting to the prolonged fall of the price of oil. Back then it was still unclear if the fallin ...
Tuesday, 26 May 15
HOW HAS THE DROP IN OIL PRICES AFFECTED OTHER COMMODITIES? - CLYDE & CO
KNOWLEDGE TO ELEVATE
The effects of the dramatic drop in the price of both Ice March Brent, the international oil marker, and its US counterpa ...
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- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- White Energy Company Limited
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- The University of Queensland
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
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