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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 24 April 15
IS INDIA THE 'NEW CHINA' WHEN IT COMES TO THE DRY BULK MARKET? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been feeling the “heat” of China’s slowdown and together with the industry’s own failings, with ove ...
Friday, 24 April 15
GLOBAL STEEL PRODUCTION OUTSIDE OF CHINA CONTINUES TO FARE VERY POORLY - JEFFREY LANDSBERG
COALspot.com: Data released this week showed that global crude steel production totaled approximately 138.05 million tons in March.
Wha ...
Friday, 24 April 15
WEEKLY U.S. COAL PRODUCTION ESTIMATE FALLS 5.7% FROM LAST WEEK
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.0 million short ...
Wednesday, 22 April 15
PANAMAX : ATLANTIC HOLDING ON TO THE GAINS OF THE PREVIOUS WEEK; PACIFIC BUSINESS SLID QUIETLY
COALspot.com: The Dry Bulk market managed to close off the week on a positive note last Friday, while as opposed to what we have been used to, it w ...
Wednesday, 22 April 15
TANKER MARKET INSIGHT - STRATOS TINIAKOS
The current environment we experience as a result of low crude oil prices is characterized by the increased demand for petroleum products in OECD c ...
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- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Australian Coal Association
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- PTC India Limited - India
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
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