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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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