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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 22 May 15
FOB INDONESIA COAL Q3'15 SWAP FINISHED THE WEEK UP 38 CENTS TO $43.65 PER MT
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains week over week and lost month on month, past week.
The Q3 swap was declined US$ ...
Friday, 22 May 15
U.S WEEKLY COAL PRODUCTION STAYS FLAT AT 16 MMST
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
Thursday, 21 May 15
PORT OF NEWCASTLE ACHIEVED ITS BEST EVER TOTAL COAL EXPORT TURNOVER OF 159 MILLION TONS IN 2014
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $900 million ...
Thursday, 21 May 15
ATLANTIC PANAMAX MARKET STARTED TO IMPROVE SLOWLY - INTERMODAL
COALspot.com: The Dry Bulk market closed off the week on the green last week, purely on the back of improved Capesize performance, while the rest o ...
Wednesday, 20 May 15
LOWER PRICES SEEN IN NEWBUILDING MARKET ON LOW DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Cash-rich ship owners, or at least, owners with substantial access to financing will be among the prime candidates, who will reap the benefits of t ...
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- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Planning Commission, India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Agrawal Coal Company - India
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Aditya Birla Group - India
- PTC India Limited - India
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
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