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Wednesday, 01 April 15
WEEKLY SHIPPING MARKET UPDATE - INTERMODAL
 There is no doubt that we are still witnessing a very challenging and at the same time very uncertain market, both with respect to dry chartering as well as SnP activity. As far as the latter is concerned, we observe a strong nega-tive trend in asset prices that has kicked off back in mid-2014, but which has nevertheless still hasn’t convinced buying interest to the extent that one would think. This trend affects all segments and ages with the most repre-sentative examples those of the 10-year old Panamax and the 5-year old Cape, the prices of which are currently at a massive discount compared to a year ago.
The obvious question that rises among the majority of shipowners and po-tential investors is whether this is the right time to invest in second hand vessels or not, but this time round the argument for investing is very hard to make as the present earnings from the very depressed freight market are at levels that in many cases fail to even cover operation expenses.
So does buying a ship at a low freight market entail a substantial risk? The answer is a definitive yes, but as it has happened many times in the past, such risks have proven to be excellent investment choices when improved freight levels finally take place following a market recovery. The million dol-lar question is as always what is the best time for such investments, and one that cannot be answered as the “perfect timing” or “accurately calling the bottom” is a very rare occurrence in this market to begin with.
When looking at the very low asset prices and the fairly intense buying inter-est of the last month, especially for vessels build post 1990, one could ob-serve that some key players are eager to buy at the lowest price they can achieve right now, having in mind that the BDI has reached its historical bottom recently and a gradual rise is bound to happen even at a pace that might not secure immediate profit for shipowners.
At the same time, the oversupply of available tonnage in the dry market remains a very important issue, especially if one takes into account the num-ber of bulkers that are due to be delivered this year following the ordering spree of 2013. Slippage and cancellation might help this number eventually come in lower than expected, while on top of that, intense demolition activi-ty is already offering hopes for a much needed breather in the dry bulk mar-ket, despite the fact that demo prices are currently in the range of $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
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, 13 November 15
WEAK CHINA POWER DEMAND DAMPENS COAL CONSUMPTION - FITCH
The weak growth in China's electricity consumption in 2015, together with increasing non-thermal power generation capacity are exerting more pr ...
Friday, 13 November 15
DRY BULK, IT IS HARD TO MAINTAIN AN OPTIMISTIC VIEW FOR THE NEXT COUPLE OF MONTHS - INTERMODAL
COALspot.com: The dry bulk owners looking for cover remained under pressure for size segments across the board. With Capes closing off the week as ...
Friday, 13 November 15
WEEKLY US COAL PRODUCTION DECLINES TO 16.5 MMST; SLIDE 14.9% Y-Y: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.5 million shor ...
Thursday, 12 November 15
FOREIGN COAL MINE ACQUISITION - STRATEGY VERSUS OPPORTUNITY FOR INDIAN UTILITIES - DIPESH DIPU
The acquisition market for thermal coal assets abroad is dull. Sellers of all hues are in the market; some are actively scouting for buyers while o ...
Thursday, 12 November 15
PORT OF NEWCASTLE'S COAL EXPORT VOLUME UP IN OCTOBER 2015
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.254 billio ...
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- Indika Energy - Indonesia
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Planning Commission, India
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Indian Energy Exchange, India
- The University of Queensland
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
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