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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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