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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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Friday, 11 September 15
SHIPPING MARKETS SHOW MIXED EMOTIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has managed to show marginal improvements over the past few days, with the Capesize segment faring better than smaller dry bulk ...
Friday, 11 September 15
U.S'S WEEKLY COAL PRODUCTION WAS ALMOST FLAT PAST WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.6 million shor ...
Thursday, 10 September 15
U.S. H1' 15 STEAM COAL EXPORTS FELL BY 21 PER CENT Y-Y: EIA
Coal Trade
Slower growth in world coal demand, lower international coal prices, and higher coal output in other coal-exporting countries have all ...
Thursday, 10 September 15
INDONESIAN COAL BENCHMARK PRICE HITS A NEW LOW OF $58.21 PER TON
COALspot.com - The Director General of Mineral and Coal of Indonesia once a again revised down Indonesian coal benchmark price to US$ 58.21 per MT ...
Thursday, 10 September 15
IF NOT NOW, WHEN? - GIANNIS ANDRITSOPOULOS
Our industry is well known to be cyclical with some cycles lasting longer than others. Despite the fact that these shifts in the behavior of the fr ...
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- Minerals Council of Australia
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
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