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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 $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 29 October 15
Q2' 16 FOB INDONESIA COAL SWAP CLOSED US$ 37.40 PER TON; DECLINED 5.56 PER CENT M-M
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 2.13 (-5.34%) per t ...
Wednesday, 28 October 15
Q2'16 FOB RICHARDS BAY COAL SWAP SEES FURTHER DECLINES
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 gained week over week and declined month over month.
The Q4 swap was d ...
Wednesday, 28 October 15
BDI INCREASE TOOK PLACE SOLELY ON THE BACK OF CAPESIZE PERFORMANCE, BUT........ - INTERMODAL
COALspot.com: The Dry Bulk market closed off the week noting a small improvement which nonetheless failed to lift sentiment, not only because ...
Tuesday, 27 October 15
Q1'16 API 5 FOB NEWCASTLE COAL SWAP DECLINE 6 PER CENT M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $2 per ton (4.66%) month over month to US$ 40.93 per ton. The swa ...
Monday, 26 October 15
PORT OF NEWCASTLE SHIPPED 10.5 PER CENT LESS COAL IN SEPTEMBER, COMPARED TO AUGUST LOADING
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.161 billi ...
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- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
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