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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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Saturday, 31 October 15
ADARO ENERGY'S CORE EARNINGS DECLINE 21 PER CENT FOR THE NINE MONTHS PERIOD TO SEPTEMBER 2015
COALspot.com: Adaro Energy's core earnings decline 21% to US$228 Million for first 9months of this year compared to the same period last year. ...
Friday, 30 October 15
INDONESIA'S COAL EXPORTS DROP ON LOW PRICES - THE JAKARTA POST
Indonesia's coal exports significantly dropped in the first nine months of the year as coal companies continued to suffer from low prices in ad ...
Friday, 30 October 15
CHINESE MINERAL IMPORTS: MOVING ON FROM INDONESIA? - CLARKSONS
China has accounted for almost 90% of global imports of nickel ore and bauxite in recent years and was therefore heavily hit by the Indonesian mine ...
Friday, 30 October 15
COAL PRODUCTION IN THE UNITED STATES INCREASED THIS WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.5 million shor ...
Thursday, 29 October 15
IRAN'S RETURN TO OIL MARKETS WILL HAVE TEMPERED IMPACT FOR THE TANKER SHIPPING INDUSTRY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While many analysts appear to be fearful of a potential incremental rise in tanker ships’ supply, as a result of the imminent return of Iran ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
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