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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 $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 09 November 15
CFR SOUTH CHINA THERMAL COAL SWAP FOR Q3' 16 CONTRACT DECLINED US$ 4 PER TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 4.35 (9.03 %) per ton month over month.
A commodity swa ...
Monday, 09 November 15
INDIAN THERMAL COAL IMPORTS SURGED 18%; COKING COAL 6.31% DURING APRIL-OCTOBER: BUSINESS-STANDARD
Indian thermal coal imports surged 18% at the country's top 12 major ports to 55.90 million tonnes (MT) in the first seven months of the curren ...
Sunday, 08 November 15
THE FREIGHT MARKET KEEP DROPPING THIS WEEK - VISTAAR
COALspot.com: The freight market keep dropping this week.
The BDI down 12.48 percent week on week and closed at 631 points on 6 November 2015. ...
Sunday, 08 November 15
CAPESIZE FREIGHT RATES IN AUSTRALIA-CHINA ROUTES OVER 50% CHEAPER THAN BRAZIL-CHINA ROUTE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China’s mining and steel industries are facing tectonic shifts over the past couple of years, with the country’s limiting of coal use, ...
Friday, 06 November 15
COAL PRODUCTION IN THE U.S. FELL SHARPLY FOR THE WEEK ENDING OCTOBER 31
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.6 million shor ...
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- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Posco Energy - South Korea
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Planning Commission, India
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Australian Coal Association
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
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