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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Wednesday, 20 May 15
TANKER MARKET INSIGHT - JOHN N. COTZIAS
Since Early October 2014 the tanker market has been experiencing a very positive momentum and has continued its strong performance so far in 2015. ...
Wednesday, 20 May 15
FOB RICHARDS BAY COAL SWAPS GAINED M-O-M, W-O-W
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and week over week.
The Q3 swap has increas ...
Wednesday, 20 May 15
BUKIT ASAM'S AVERAGE EXPORT PRICE WAS UNDER PRESSURE DURING Q1
COALspot.com: Indonesia’s state owned coal producer saw their profits fall in the first quarter of the year compared to the same period last ...
Wednesday, 20 May 15
IRON ORE PRICES TO REMAIN WEAK ON LOW DEMAND, HIGH OUTPUT - FITCH
Iron ore prices will stay low for several years due to increasing supply, weak demand growth in China and the slower-than-expected closure of high- ...
Tuesday, 19 May 15
KOMIPO IS SEEKING TOTAL 2.34 MMT OF HCV AND LCV COAL FOR 2015 - 2017
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 2.34 million Metric Tons (MT) of HCV ...
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- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
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