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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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Wednesday, 11 November 15
Q3' 16 RICHARDS BAY COAL SWAP LOST 15.47% SINCE 6 AUGUST; 18.65% SINCE 6 MAY
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 declined week over week and month over month.
The Q1’ 2016 &nb ...
Wednesday, 11 November 15
VESSEL VALUES ARE DOWN BY AT LEAST 20% SINCE MID-AUGUST - INTERMODAL
I had promised not to spend another broker’s insight focusing on the dry bulk side. However, the sale of the M/V Churchill Bulker (179,362 dw ...
Tuesday, 10 November 15
SELF-HEATING OF COAL HAS EMPHASISED THE IMPORTANCE OF CHECKING THE ACCURACY OF SHIPPER'S DECLARATIONS - GARD
Recent incidents involving self-heating of coal has emphasised the importance of checking the accuracy of shipper’s declarations for all type ...
Tuesday, 10 November 15
API 5 FOB NEWCASTLE COAL SWAP SLIDES CONTINUE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $3.55 per ton (8.50%) month over month to US$ 38.20 per ton. The swap ...
Monday, 09 November 15
BUNKER PRICES TO KEEP SLIDING THIS WEEK, EXPERT SAYS - MARINE BUNKER EXCHANGE
The oil price volatility has continued this week. Two dollars up one day and the next day two dollars down. The oil market has been trading on the ...
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- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Economic Council, Georgia
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- VISA Power Limited - India
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
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