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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 $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 26 October 15
CFR SOUTH CHINA COAL SWAPS CLOSE DOWN 4.3% AS DEMAND CONCERNS WEIGH
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down just US$ 1.48 (3.02 %) per ton month over month.
A commodity sw ...
Sunday, 25 October 15
ANOTHER DISAPPOINTING WEEK FOR PANAMAX; INDEX FELL 5.4 PERCENT W-W
COALspot.com: The BDI was slightly up by 2.65 pct closing at 774 points mainly because of Cape index which was up by 10.85 pct closing at 1461 poin ...
Sunday, 25 October 15
DRY BULK SHIP OWNERS ARE LOOKING TO CHINA'S POLICIES FOR CUES ON FUTURE MARKET DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China’s hard or softer landing is a thing which has troubled dry bulk shipping for a couple of years now, as owners have been hit by the coun ...
Friday, 23 October 15
WILL INDIAN DOMESTIC COAL PRICES BE ABLE TO COMPETE IMPORTED COAL PRICES IF THE CURRENT TREND CONTINUES?
COALspot.com: The Most of the Indian end-users are waiting for last minute purchase to enjoy every drop in price. Coal procurement managers are als ...
Friday, 23 October 15
COAL PRODUCTION IN THE U.S. FOR THE WEEK ENDING OCTOBER 17 DECLINED FOR THE SECOND STRAIGHT WEEK
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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- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Minerals Council of Australia
- Indonesian Coal Mining Association
- The University of Queensland
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
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