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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 11 May 15
API 5 FOB NEWCASTLE COAL SWAP; INCREASED M-O-M; DECLINED W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.62 per MT (1.41%) month over month and lost US$ 0.88 week on w ...
Monday, 11 May 15
CFR SOUTH CHINA COAL SWAP: DECLINED MOM AND WOW
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.46 (-0.90%) per MT month over month and US$ 0.28 (0. ...
Monday, 11 May 15
KOREA MIDLAND POWER INVITES BIDS FOR 140K MT OF 4600 NAR COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued a new tender to buy total 140,000 Metric Tons (MT) of Sub-bitumi ...
Sunday, 10 May 15
FREIGHT RATES TO REMAIN SOFT NEXT WEEK
COALspot.com: The freight market was flat to soft week over week except for the Cape Index which was up 7.32%. Cape index was closed at 616 p ...
Friday, 08 May 15
BUSIEST CAPESIZE DEMOLITION MARKET EVER - BIMCO
The activity on the demolition market is off to a good start in 2015 when looking at dry bulk tonnage.
The dry bulk market has long suffered f ...
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- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Australian Coal Association
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Posco Energy - South Korea
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- MS Steel International - UAE
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
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