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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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Thursday, 05 November 15
Q2'16 INDO THERMAL COAL SWAP CONTRACT FOB INDONESIA FALLS TO $39.90/T
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week. Price of coal seen no improvements this past we ...
Thursday, 05 November 15
INFORMATION EXCHANGE GROUP'S LATAM MINING SECURITY SUMMIT 2016 - INTERNATIONAL CONFERENCE ON TECHNOLOGY SECURITY IN MINING
Press Release: LATAM Mining Security Summit 2016 is a carefully designed event that will bring together the leading stakeholders in the mining sect ...
Wednesday, 04 November 15
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
Four companies dominate global iron ore production, namely; BHP Billiton, Vale, Rio Tinto, and Fortescue Metals Group. Together these companies con ...
Wednesday, 04 November 15
FOB RICHARDS BAY COAL SWAPS GAIN W-W AND M-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 gained week over week and month over month.
The Q4 swap was up US$ 1.4 ...
Tuesday, 03 November 15
THE DISCHARGE OF CARGO IN THE PRC WITHOUT ORIGINAL BILLS OF LADING - CLYDE&CO
KNOWLEDGE TO ELEVATE
On occasions, a vessel may arrive at a port and be ready to discharge but the original bills of lading in respect of the ...
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- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
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