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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Monday, 18 May 15
FOB NEWCASTLE COAL SWAPS SCORE MONTHLY GAINS
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.87 per MT (1.99%) month over month and lost US$ 0.03 week on w ...
Monday, 18 May 15
Q1' 16 API 8 CFR SOUTH CHINA COAL SWAP CLOSED HIGHER THAN Q3' 15 CLOSING PRICE
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery up US$ 1.05 (2.10%) per MT month over month and US$ 0.53 (1.05%) pe ...
Sunday, 17 May 15
INDONESIA - INDIA FREIGHTS RATES EXPECTED TO FLAT TO SOFT NEXT WEEK
COALspot.com: The BDI was up by 10.45% and closed at 634 points week on week, while the Cape index saws big jump or up almost 55% for the same peri ...
Friday, 15 May 15
DRY BULK AND CONTAINER SHIPPING TO REMAIN WEAK, OUTLOOK FOR PORTS AND TANKERS POSITIVE - DREWRY MARITIME EQUITY RESEARCH
Global economy is in a gradual recovery mode, sending mixed signals to investors. Chinese economic data continues to remain weak as economy transit ...
Friday, 15 May 15
COAL PRODUCTION IN U.S DOWN 1.4 MILLION TONS FOR THE WEEK ENDING MAY 8
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
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- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Australian Coal Association
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
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