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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Monday, 27 April 15
U.S. COAL PRODUCTION FELL BELOW ONE BILLION SHORT TONS IN 2013 - EIA
COALspot.com: For the first time in two decades, U.S. coal production fell below one billion short tons to 984.8 million short tons in 2013 from 1, ...
Monday, 27 April 15
Q3' 2015 FOB NEWCASTLE COAL SWAP CLOSED 3.69% LOWER THAN Q2' 2015 PRICE OF $46.36
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery gained US$ 0.19 per MT (0.41%) month over month and US$ 0.78 week on week. ...
Monday, 27 April 15
CFR SOUTH CHINA COAL SWAP SLOWLY IMPROVED THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 0.74 (-1.41%) per MT month over month and increased US$ 0.43 ...
Sunday, 26 April 15
DRY BULK MARKET KEPT IMPROVING THIS WEEK; CAPES AND PANAMAXES SHOW A SLIGHT PICKUP IN RATES
COALspot.com: The freight market was stable this week as BDI closed at 600 points after improving 0.50 percent week over week.
The cape ...
Friday, 24 April 15
CHINA IRON ORE MINE CLOSURES TO SLOW ON GOVERNMENT SUPPORT - FITCH
Fitch Ratings expects fewer Chinese iron ore mine closures in 2015 as the government takes steps to support the industry, which has been struggling ...
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- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
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