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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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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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- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- PTC India Limited - India
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
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