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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Sunday, 19 April 15
THE OCEAN FREIGHT MARKET SHOWED STEADY THIS WEEK
COALspot.com: The freight market was fairly steady this week. The BDI was up 2.93% to 597 points week over week. The cape index was also increased ...
Friday, 17 April 15
IHS ENERGY EUROPEAN COAL OUTLOOK CONFERENCE
Attend the IHS Energy European Coal Outlook Conference 19-20 May in Nice, France and learn about timely concerns in today’s coal industry.
...
Friday, 17 April 15
COAL PRODUCTION IN THE U.S. UP THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 18.0 million short ...
Thursday, 16 April 15
NEW COMMODITY SUPERHIGHWAY WILL EMERGE IN CHINA, ALTERING ENERGY TRADE FLOWS - WOOD MACKENZIE
Wood Mackenzie says that China’s Go West strategy – encouraging coastal to inland flow of capital and people - will result in the forma ...
Thursday, 16 April 15
SHIPPING DEMAND TO SUFFER AS CHINESE SLOWDOWN CONFIRMED SAYS BIMCO'S CHIEF SHIPPING ANALYST - BIMCO
The Chinese economy grew by 7.0% y-o-y in the first quarter of 2015, according to National Bureau of Statistics in China. This is the weakest overa ...
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- Mjunction Services Limited - India
- ASAPP Information Group - India
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- The University of Queensland
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- VISA Power Limited - India
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
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