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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 13 May 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The EU governments in an effort to face their economic crisis individually are facing lack of political cohesion. This reflects back to each econom ...
Tuesday, 12 May 15
FOB INDONESIA COAL SWAP; DECLINED M-O-M AND W-O-W
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 0 ...
Tuesday, 12 May 15
FOB RICHARDS BAY COAL SWAPS: LOST W-O-W; GAIN M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and decreased week over week.
The Q3 swap h ...
Monday, 11 May 15
DRY BULK CARRIER ORDERS CRASH TO A TWENTY YEAR LOW - CLARKSONS
In the last four months dry bulk orders have fallen to 0.4m dwt per month, the lowest level since the 1990s. This is a massive 98% reduction from t ...
Monday, 11 May 15
HBA PRICE DIPS FURTHER; LOWEST RECORDED SINCE JANUARY 2009
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal benchmark prices to US$ 61.08 per MT in May ...
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- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
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