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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, 21 September 15
KOMIPO OF KOREA INVITES BIDS FOR BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 390,000 Metric Tons (MT) of minimum 4,600 kcal ...
Sunday, 20 September 15
BALTIC CAPE INDEX ROSE 66.52 PER CENT AND STAND NOW AT 1995 POINTS
COALspot.com: The BDI (Baltic Dry Index) rose 17.35 per cent week over week to 960 points on Friday mainly driven by the Capesize segment. The Cape ...
Friday, 18 September 15
SHIPPING AND THE FED RATE DECISION: FINANCING COSTS COULD RISE EVEN HIGHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Regardless of the FED’s decision to raise rates, shipping stands to be influenced by the decision. Shipbroker Allied Shipbroking noted this w ...
Friday, 18 September 15
U.S. COAL PRODUCTION DECLINED 6.7 PER CENT W-W: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.4 million shor ...
Thursday, 17 September 15
COALSPOT HAS LAUNCHED NEW THERMAL COAL INDICES FOR INDONESIAN COAL
COALspot.com has today launched real-time CS (i) Coal Indices.
The Indices represents 3800 kcal/kg GAR, 4200 kcal/kg GAR, 5000 kcal/kg GAR a ...
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- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Economic Council, Georgia
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- The University of Queensland
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
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