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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, 05 October 15
Q1 & Q2 2016 DELIVERY SWAPS DECLINED M-M AND W-W THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $0.36 per ton (0.85%) month over month to US$ 42.12 per ton. The ...
Monday, 05 October 15
Q1' 16 CFR SOUTH CHINA COAL SWAP CLOSED US$ 48.05 PER TON
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down US$ 0.47 (0.96 %) per ton month over month.
A commodity swap is ...
Monday, 05 October 15
SMALL DECLINE IN 2014 SHIP OPERATING COSTS - MOORE STEPHENS
Total annual operating costs in the shipping industry fell by an average of 0.8% in 2014. This compares with the 0.3% average fall in costs recorde ...
Sunday, 04 October 15
THE INDO-INDIA FREIGHT MARKET REMAINS UNDER PRESSURE
COALspot.com: The BDI closed on Friday (2 Oct 2015) at 889 points, down by 54 points compared to previous Friday's closing ( 24 Sept 2015) of 9 ...
Friday, 02 October 15
COAL PRODUCTION IN THE UNITED STATES DECREASED THIS WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.5 million shor ...
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- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Australian Coal Association
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Planning Commission, India
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- GMR Energy Limited - India
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
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