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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is concerned especially for dry bulk sale candidates, a big part of which remained for sale for quite some time or was withdrawn altogether from the market.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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Thursday, 30 April 15
IRON ORE PLAYS EXPECTED TO SHAPE UP MAY DRY BULK SCHEDULE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Market plays in the iron ore commodities’ markets, are expected to carve out the future demand for the shipping industry as well, said Allied ...
Wednesday, 29 April 15
MARKET INSIGHT - INTERMODAL
The figures of China’s slowing down imports of coking coal for the first quarter of the year are coming to confirm what everybody was expecti ...
Wednesday, 29 April 15
SHIPBUILDERS START OFFERING DISCOUNTS FOR DRY BULK NEWBUILDINGS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It took a while, but now it appears that some shipbuilders are beginning to adjust their price lists to the new grim reality of the dry bulk market ...
Tuesday, 28 April 15
FOB INDONESIA COAL SWAP DECLINED M-O-M; INCREASED W-O-W
COALspot.com: Indonesian coal swap for delivery Q2 2015 gained week over week but declined month on month.
The Q2 swap was declined US$ 0.15 ( ...
Tuesday, 28 April 15
Q2' 15 FOB RICHARDS BAY COAL SWAP CLOSED 4.18% HIGHER FROM MONTH AGO
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 increased month over month and slightly week over week.
The Q2 swap ha ...
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- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Australian Coal Association
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
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