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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, 07 October 15
U.S. COAL EXPORTS FOR THE FIRST SEVEN MONTHS DOWN 21 PER CENT COMPARED WITH THE SAME PERIOD IN 2014 - EIA
Coal Supply
Lower U.S.’s domestic coal consumption and reduced exports contribute to a forecast decline of 89 million short tons (M ...
Wednesday, 07 October 15
SHIPPING MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2015 and more specifically during the summer season has been rather remarkable. 421 v ...
Wednesday, 07 October 15
INDONESIA COAL SWAPS HAVE CONTINUED TO DECLINE, FALLING ALMOST 7% M-M
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 2.23 (-5.51%) per t ...
Tuesday, 06 October 15
THE IMPACT OF LOW OIL PRICE ON THE SHIPPING INDUSTRY - LITERATED
The fall in global oil prices over the last one year has been beneficial to the shipping industry. The demand for oil tankers has picked up and the ...
Tuesday, 06 October 15
FOB RICHARDS BAY COAL SWAPS PLUNGE MORE THAN 6 PER CENT M-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 declined week over week and month over month.
The Q4 swap was down US$ ...
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- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
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