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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, 01 October 15
SOUTH KOREA'S KOMIPO SEEKS SPOT BITUMINOUS COAL SUPPLIES
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 265,000 Metric Tons (MT) of minimum 4,600 kcal ...
Wednesday, 30 September 15
Q1'16 FOB INDONESIA COAL SWAP FALLS $1.25 A TON AS SLIDE CONTINUES
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 0.72 (-1.78%) per t ...
Wednesday, 30 September 15
NEW BUILDING MARKET INSIGHT
COALspot.com: This year has been, beyond any doubt, a rather strenuous one for the newbuilding market. Ordering activity with regards to Dry Bulker ...
Tuesday, 29 September 15
FOB RICHARDS BAY COAL SWAPS ARE SLIDING
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$ ...
Monday, 28 September 15
API 5 FOB NEWCASTLE COAL SWAPS UP $2.15 IN ONE MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery increased $2.10 per ton (5.15%) month over month to US$ 42.93 per ton. The ...
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- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Gujarat Sidhee Cement - India
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