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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Tuesday, 14 April 15
SUB-BIT FOB INDONESIA COAL SWAPS FOR Q4 DELIVERY CRASHES THROUGH $44
COALspot.com: Indonesian coal swap for delivery Q2 2015 declined month on month and week over week.
The Q2 swap was declined US$ 2.25 (4.77%) ...
Monday, 13 April 15
Q2 FOB NEWCASTLE COAL SWAP CLOSED AT $45.28 PMT; DECLINED 7.50% M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.67 per MT (-7.50%) month over month and US$ 0.39 week on wee ...
Monday, 13 April 15
Q4 CFR SOUTH CHINA COAL SWAP CLOSED AT US$ 50.97
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.50 (-8.05%) per MT month over month and US$ 0.12 (-0 ...
Sunday, 12 April 15
INDONESIA TO INDIA FREIGHT RATE IS EXPECTED TO BE SOFT
COALspot.com: The freight market was steady, however the BDI was declined slightly week over week.
BDI dropped 1.36 pct and closed at 580 poin ...
Friday, 10 April 15
US COAL PRODUCTION FELL 4.7% W-O-W : EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.4 million short ...
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- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- The University of Queensland
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Wilmar Investment Holdings
- Planning Commission, India
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
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