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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Wednesday, 20 May 15
TANKER MARKET INSIGHT - JOHN N. COTZIAS
Since Early October 2014 the tanker market has been experiencing a very positive momentum and has continued its strong performance so far in 2015. ...
Wednesday, 20 May 15
FOB RICHARDS BAY COAL SWAPS GAINED M-O-M, W-O-W
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and week over week.
The Q3 swap has increas ...
Wednesday, 20 May 15
BUKIT ASAM'S AVERAGE EXPORT PRICE WAS UNDER PRESSURE DURING Q1
COALspot.com: Indonesia’s state owned coal producer saw their profits fall in the first quarter of the year compared to the same period last ...
Wednesday, 20 May 15
IRON ORE PRICES TO REMAIN WEAK ON LOW DEMAND, HIGH OUTPUT - FITCH
Iron ore prices will stay low for several years due to increasing supply, weak demand growth in China and the slower-than-expected closure of high- ...
Tuesday, 19 May 15
KOMIPO IS SEEKING TOTAL 2.34 MMT OF HCV AND LCV COAL FOR 2015 - 2017
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 2.34 million Metric Tons (MT) of HCV ...
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- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- White Energy Company Limited
- Ministry of Mines - Canada
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- PTC India Limited - India
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