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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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Sunday, 18 October 15
THE BDI AND OTHER INDICES CLOSED OFF ON NEGATIVE NOTE THIS FRIDAY
COALspot.com: The BDI closed off on negative note this Friday compared to previous Friday's closing.
The BDI closed this Friday (16 Octobe ...
Friday, 16 October 15
MAJOR REVISION OF NYPE TIME CHAPTER PARTY - BIMCO
Major revision of NYPE time charter party promises to be both balanced and comprehensive
BIMCO has today jointly issued the first revision of ...
Friday, 16 October 15
FOB INDONESIA COAL SWAP FOR Q4'15 DELIVERY FLAT WEEK OVER WEEK; DOWN 5.5 PER CENT M-M
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and flat week over week.
The Q4 swap declined $ 2.23 (-5.51%) ...
Friday, 16 October 15
COAL PRODUCTION IN THE UNITED STATES DECREASED THIS WEEK; DOWN 11.3 PER CENT Y-Y, DOWN 3.5 PERCENT W-W
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.1 million shor ...
Friday, 16 October 15
INDONESIA REJOINING OPEC DESPITE BEING A NET IMPORTER OF PETROLEUM - EIA
The Organization of the Petroleum Exporting Countries (OPEC) notified Indonesia that it plans to accept the country's request to reactivate its ...
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- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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