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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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