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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 18 May 15
FOB NEWCASTLE COAL SWAPS SCORE MONTHLY GAINS
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.87 per MT (1.99%) month over month and lost US$ 0.03 week on w ...
Monday, 18 May 15
Q1' 16 API 8 CFR SOUTH CHINA COAL SWAP CLOSED HIGHER THAN Q3' 15 CLOSING PRICE
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery up US$ 1.05 (2.10%) per MT month over month and US$ 0.53 (1.05%) pe ...
Sunday, 17 May 15
INDONESIA - INDIA FREIGHTS RATES EXPECTED TO FLAT TO SOFT NEXT WEEK
COALspot.com: The BDI was up by 10.45% and closed at 634 points week on week, while the Cape index saws big jump or up almost 55% for the same peri ...
Friday, 15 May 15
DRY BULK AND CONTAINER SHIPPING TO REMAIN WEAK, OUTLOOK FOR PORTS AND TANKERS POSITIVE - DREWRY MARITIME EQUITY RESEARCH
Global economy is in a gradual recovery mode, sending mixed signals to investors. Chinese economic data continues to remain weak as economy transit ...
Friday, 15 May 15
COAL PRODUCTION IN U.S DOWN 1.4 MILLION TONS FOR THE WEEK ENDING MAY 8
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
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- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- PTC India Limited - India
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- MS Steel International - UAE
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- The University of Queensland
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Minerals Council of Australia
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
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