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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 16 April 15
INDIA: COAL IMPORTS RISE BY 33 PC TO 240 MT IN FY'15 - PTI
India’s coal imports in the just concluded FY 2015 increased by 33 per cent to about 240 million tonnes.
“Coal import have gone up ...
Thursday, 16 April 15
CAPESIZE: THE SUPPLY AND DEMAND SIDE ARE NOW SUFFERING HEAVILY - FEARNLEYS
Handy
It seems to be some standoff between owners and charterers in both hemispheres this week. Owners are raising their rates while charterers a ...
Thursday, 16 April 15
Q3 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 55.67 PMT
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month.
The Q2 swap has declined US$ 1.90 (3.17%) m ...
Wednesday, 15 April 15
PORT OF NEWCASTLE SHIPPED 13.63 MMT OF COAL IN MARCH; UP 4.41% M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.227 billi ...
Tuesday, 14 April 15
COAL OUTPUT FALLS AS PRICES CONTINUE TO LAG - JP
Coal output dropped by 21 percent in the first three months of the year as low prices for the commodity forced mining companies to reduce activitie ...
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- Aditya Birla Group - India
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- White Energy Company Limited
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Australian Coal Association
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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