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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 08 May 15
COAL PRODUCTION IN U.S. UP 3.2% THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.4 million short ...
Wednesday, 06 May 15
COMBINATION OF HOLIDAYS AND A SHAKY MARKET PUT ADDITIONAL PRESSURE ON RATES
COALspot.com: The combination of holidays and a shaky market is always a recipe for additional pressure on rates and last week was no exception. Wi ...
Tuesday, 05 May 15
MIFA BERSAUDARA UNIT OF ABM INVESTAMA STARTS OPERATING $200M COAL MINE IN ACEH
Reswara Minergi Hartama, a coal mining unit of coal miner ABM Investama known as known as Reswara, inaugurated a $200 million integrated coal minin ...
Tuesday, 05 May 15
FREIGHT DERIVATIVE VOLUMES REACHED TOTALED 14,154 CONTRACTS IN APRIL - SGX
COALspot.com: “Our unique suite of freight and bulk commodity products provides market participants with a wide range of trading strategies a ...
Tuesday, 05 May 15
OVERSUPPLY PUTTING INDONESIAN COAL PRICES UNDER PRESSURE
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 1 ...
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- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Minerals Council of Australia
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Australian Coal Association
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
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