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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, 15 October 15
INDONESIA COAL PRICE REFERENCE FALLS FOR SEVEN STRAIGHT MONTH IN OCTOBER
COALspot.com - The Director General of Mineral and Coal of Indonesia once a again revised down Indonesian coal benchmark price this month.
The ...
Thursday, 15 October 15
Q1' 16 FOB RICHARDS BAY COAL SWAP ADVANCED 2 PER CENT WEEK OVER WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 gain week over week and declined month over month.
The Q4 swap was dow ...
Tuesday, 13 October 15
DRY BULK SHIPPING FLEET NET EXPANSION WAS 1.3% DURING THIRD QUARTER, BUT ORDERBOOK REDUCED TO 17% OF THE TRADING FLEET
If the dry bulk market is to rebound on a sustainable level, it needs to limit the tonnage expansion, at least until demand picks up again, as Chin ...
Tuesday, 13 October 15
FOB NEWCASTLE COAL SWAP DECLINED 2 PER CENT MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $0.46 per ton (1.08%) month over month to US$ 42.17 per ton. The ...
Monday, 12 October 15
CFR SOUTH CHINA COAL SWAPS GAIN W-W; SLIGHTLY DOWN M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down just US cents 3 (0.06 %) per ton month over month.
A commodity ...
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- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Australian Coal Association
- Coal and Oil Company - UAE
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Central Electricity Authority - India
- White Energy Company Limited
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
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