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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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Wednesday, 21 October 15
RUSSIA'S CARBO ONE COAL SALES TO HIT 50 MLN T/YR - JACQUELINE HOLMES
COALspot.com: Russia's Carbo One has become one of the world's leading physical coal traders with an annual volume approaching 50 million t ...
Wednesday, 21 October 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
In today’s dry bulk market, both freight rates and asset prices are creating mixed feelings to seasoned ship owners, who tend to instinctivel ...
Wednesday, 21 October 15
INDONESIAN COAL MINER BUKIT ASAM POSTS POSITIVE PERFORMANCE DURING FIRST THREE QUARTERS OF 2015
COALspot.com: Indonesian publicly listed and state controlled coal miner PT. Bukit Asam has announced that, the company’s coal sales up 8 per ...
Wednesday, 21 October 15
LOWER DEMAND HIT Q1' 16 INDONESIA COAL SWAPS
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 1.88 (-4.71%) per t ...
Tuesday, 20 October 15
SHIPBROKER SEES CAPESIZE RATES EASILY REACHING $25,000/DAY BY YEAR-END : NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The future course of the dry bulk market has been troubling market participants for quite some time now, as the “elusive” freight rate ...
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- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Planning Commission, India
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- The University of Queensland
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
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