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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Thursday, 30 April 15
IRON ORE PLAYS EXPECTED TO SHAPE UP MAY DRY BULK SCHEDULE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Market plays in the iron ore commodities’ markets, are expected to carve out the future demand for the shipping industry as well, said Allied ...
Wednesday, 29 April 15
MARKET INSIGHT - INTERMODAL
The figures of China’s slowing down imports of coking coal for the first quarter of the year are coming to confirm what everybody was expecti ...
Wednesday, 29 April 15
SHIPBUILDERS START OFFERING DISCOUNTS FOR DRY BULK NEWBUILDINGS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It took a while, but now it appears that some shipbuilders are beginning to adjust their price lists to the new grim reality of the dry bulk market ...
Tuesday, 28 April 15
FOB INDONESIA COAL SWAP DECLINED M-O-M; INCREASED W-O-W
COALspot.com: Indonesian coal swap for delivery Q2 2015 gained week over week but declined month on month.
The Q2 swap was declined US$ 0.15 ( ...
Tuesday, 28 April 15
Q2' 15 FOB RICHARDS BAY COAL SWAP CLOSED 4.18% HIGHER FROM MONTH AGO
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 increased month over month and slightly week over week.
The Q2 swap ha ...
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- Planning Commission, India
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- ASAPP Information Group - India
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- The University of Queensland
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Wilmar Investment Holdings
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