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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Tuesday, 05 May 15
FOB RICHARDS BAY COAL SWAPS MOVE NORTH THIS PAST WEEK
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 ...
Monday, 04 May 15
FOB NEWCASTLE COAL SWAP Q1'16 PRICES SLIGHTLY LOWER COMPARED TO Q3'15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 1.38 per MT (3.12%) month over month and US$ 0.93 week on week. ...
Monday, 04 May 15
Q1' 2016 CFR SOUTH CHINA THERMAL COAL SWAP CLOSED HIGH THAN 2015 DERIVATIVES
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.15 (-0.29%) per MT month over month and increased US$ 0.07 ...
Sunday, 03 May 15
DRY BULK INDICES WEAKEN SLIGHTLY THIS WEEK
COALspot.com: The freight market was flat to weak for the week starting from 27 April. The BDI was fell around 2.17% closed at 580 points.
...
Thursday, 30 April 15
IRON ORE EXPORTS: A DANGEROUS RACE? - CLARKSONS
The surge in iron ore exports in recent years has resulted in a significant decrease in iron ore spot prices, which dipped to a ten year low of bel ...
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- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Marubeni Corporation - India
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- White Energy Company Limited
- PTC India Limited - India
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Planning Commission, India
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
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