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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 22 May 15
FOB INDONESIA COAL Q3'15 SWAP FINISHED THE WEEK UP 38 CENTS TO $43.65 PER MT
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains week over week and lost month on month, past week.
The Q3 swap was declined US$ ...
Friday, 22 May 15
U.S WEEKLY COAL PRODUCTION STAYS FLAT AT 16 MMST
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
Thursday, 21 May 15
PORT OF NEWCASTLE ACHIEVED ITS BEST EVER TOTAL COAL EXPORT TURNOVER OF 159 MILLION TONS IN 2014
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $900 million ...
Thursday, 21 May 15
ATLANTIC PANAMAX MARKET STARTED TO IMPROVE SLOWLY - INTERMODAL
COALspot.com: The Dry Bulk market closed off the week on the green last week, purely on the back of improved Capesize performance, while the rest o ...
Wednesday, 20 May 15
LOWER PRICES SEEN IN NEWBUILDING MARKET ON LOW DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Cash-rich ship owners, or at least, owners with substantial access to financing will be among the prime candidates, who will reap the benefits of t ...
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- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Minerals Council of Australia
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
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