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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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Tuesday, 03 November 15
API 5 FOB NEWCASTLE COAL SWAPS DECLINE CONTINUES
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery slid $1.84 per ton (4.34%) month over month to US$ 40.54 per ton. The swap ...
Tuesday, 03 November 15
EU OIL MAJORS FACE FURTHER EARNINGS DECLINE IN Q415 - FITCH RATINGS
The sharp drop in major European oil companies' third-quarter profits is likely to be extended in the fourth quarter as refining margins, which ...
Monday, 02 November 15
DESPITE CHALLENGING MARKET CONDITIONS, ADARO LOWERS COSTS, DEBT AND DELIVERS STRONG FREE CASH FLOW
COALspot.com: Despite challenging market conditions, Adaro lowers costs, lowers debt and delivers strong free cash flow.
The Indonesia’s ...
Monday, 02 November 15
CFR SOUTH CHINA COAL SWAPS CLOSED ON A WEAK NOTE
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined US$ 1.81(3.71 %) per ton month over month.
A commodity swap ...
Sunday, 01 November 15
THE FREIGHT MARKET SENTIMENT REMAINS WEAK
This week’s freight market sentiment remains weak compared to last week.
The Baltic Dry Index (BDI), an economic indicator issued daily ...
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- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- MS Steel International - UAE
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- White Energy Company Limited
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
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