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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Friday, 08 May 15
COAL PRODUCTION IN U.S. UP 3.2% THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.4 million short ...
Wednesday, 06 May 15
COMBINATION OF HOLIDAYS AND A SHAKY MARKET PUT ADDITIONAL PRESSURE ON RATES
COALspot.com: The combination of holidays and a shaky market is always a recipe for additional pressure on rates and last week was no exception. Wi ...
Tuesday, 05 May 15
MIFA BERSAUDARA UNIT OF ABM INVESTAMA STARTS OPERATING $200M COAL MINE IN ACEH
Reswara Minergi Hartama, a coal mining unit of coal miner ABM Investama known as known as Reswara, inaugurated a $200 million integrated coal minin ...
Tuesday, 05 May 15
FREIGHT DERIVATIVE VOLUMES REACHED TOTALED 14,154 CONTRACTS IN APRIL - SGX
COALspot.com: “Our unique suite of freight and bulk commodity products provides market participants with a wide range of trading strategies a ...
Tuesday, 05 May 15
OVERSUPPLY PUTTING INDONESIAN COAL PRICES UNDER PRESSURE
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 1 ...
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- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- VISA Power Limited - India
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Central Electricity Authority - India
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
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