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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, 09 September 15
FOB INDONESIA COAL SWAP LOSE GROUND ON SLOWING DEMAND
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week.
The 4Q swap declined $ 1.92 (-4.52%) per t ...
Tuesday, 08 September 15
FOB RICHARDS BAY COAL SWAPS CONTINUE TO SHOW DECLINING TREND
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined week over week and month over month.
The 4Q swap was down US$ ...
Tuesday, 08 September 15
GANGAVARAM PORT IN INDIA DISCHARGES RECORD 112,599 MT OF STEAM COAL IN 24 HOURS
COALspot.com: Gangavaram Port, an all weather, multipurpose port with water depth up-to 21 meters, capable of handling fully laden Super Cap ...
Monday, 07 September 15
THE MINE OF THE FUTURE WILL HAVE ONLY TWO EMPLOYEES, A MAN AND A DOG - SCOTT MCGOWAN
"The Technology and Innovation in Mining 2015" production team at Information Exchange Group interviewed Scott Mcgowan, Director, Global ...
Monday, 07 September 15
FOB NEWCASTLE COAL SWAP FOR Q2' 16 DELIVERY CLOSED US CENTS 25 LOWER COMPARED TO Q4' 15
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery declined $0.73 per MT (-1.68%) month over month to US$ 42.65 per mt. The sw ...
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- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- PTC India Limited - India
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
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