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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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, 11 May 15
API 5 FOB NEWCASTLE COAL SWAP; INCREASED M-O-M; DECLINED W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.62 per MT (1.41%) month over month and lost US$ 0.88 week on w ...
Monday, 11 May 15
CFR SOUTH CHINA COAL SWAP: DECLINED MOM AND WOW
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.46 (-0.90%) per MT month over month and US$ 0.28 (0. ...
Monday, 11 May 15
KOREA MIDLAND POWER INVITES BIDS FOR 140K MT OF 4600 NAR COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued a new tender to buy total 140,000 Metric Tons (MT) of Sub-bitumi ...
Sunday, 10 May 15
FREIGHT RATES TO REMAIN SOFT NEXT WEEK
COALspot.com: The freight market was flat to soft week over week except for the Cape Index which was up 7.32%. Cape index was closed at 616 p ...
Friday, 08 May 15
BUSIEST CAPESIZE DEMOLITION MARKET EVER - BIMCO
The activity on the demolition market is off to a good start in 2015 when looking at dry bulk tonnage.
The dry bulk market has long suffered f ...
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- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Economic Council, Georgia
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
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