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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 13 May 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The EU governments in an effort to face their economic crisis individually are facing lack of political cohesion. This reflects back to each econom ...
Tuesday, 12 May 15
FOB INDONESIA COAL SWAP; DECLINED M-O-M AND W-O-W
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 0 ...
Tuesday, 12 May 15
FOB RICHARDS BAY COAL SWAPS: LOST W-O-W; GAIN M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and decreased week over week.
The Q3 swap h ...
Monday, 11 May 15
DRY BULK CARRIER ORDERS CRASH TO A TWENTY YEAR LOW - CLARKSONS
In the last four months dry bulk orders have fallen to 0.4m dwt per month, the lowest level since the 1990s. This is a massive 98% reduction from t ...
Monday, 11 May 15
HBA PRICE DIPS FURTHER; LOWEST RECORDED SINCE JANUARY 2009
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal benchmark prices to US$ 61.08 per MT in May ...
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- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- The University of Queensland
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Minerals Council of Australia
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
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