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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, 12 October 15
DRY BULK SHIPPING: MARKETS ARE SLOWLY IMPROVING FROM A VERY LOW LEVEL AS THE DEMAND SIDE FALTERS - HELLENIC SHIPPING NEWS
The dry bulk market is in the midst of a shift in demand patterns, which coupled with a tonnage supply overhang, has been facing headwinds over the ...
Monday, 12 October 15
BDI WEIGHED DOWN BY CAPE
COALspot.com: The BDI (Baltic Dry Index) has come back down again this week. The BDI is a benchmark index used to assess the overall cost of moving ...
Sunday, 11 October 15
TANKER SHIPPING: MORE OPTIMISM IN SIGHT FOR TANKERS IN THE WINTER SEASON - BIMCO
Demand:
2015 has been the year of the tanker. The fundamental improvements with slow supply-side growth for some years coupled with low oil pri ...
Friday, 09 October 15
US WEEKLY COAL OUTPUT UP 1.2 PERCENT TO 17.7 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.7 million shor ...
Thursday, 08 October 15
CAPESIZE: MOST PEOPLE AGREE A SPIKE IN RATES WILL HAPPEN; WHEN, HOW LONG AND HOW SUBSTANTIAL? - FEARNLEYS
Cape
Depressives start of the fourth quarter, with c3 approaching USD 12 pmt and c5 presently in the mind 5's. According to Fearnleys ship br ...
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- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
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