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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 $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 07 September 15
CFR SOUTH CHINA COAL SWAPS ROSE 1.1 PER CENT WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.52 (3 %) per MT month over month.
A commodity sw ...
Sunday, 06 September 15
AUTOMATION AND TECHNOLOGY IS CERTAINLY PART OF THE SOLUTION FOR IMPROVING PERFORMANCE AND EFFICIENCY TO MAKE THE MINE OPERATIONS MORE PROFITABLE, HOWEVER............ - LUKE JALSEVAC
"The Technology and Innovation in Mining 2015" production team at Information Exchange Group interviewed Luke Jalsevac, Director, Busines ...
Sunday, 06 September 15
THE CAPE SIZE INDEX ROSE 10.83 PER CENT WEEK OVER WEEK
COALspot.com: The BDI, the Baltic exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, declined o ...
Saturday, 05 September 15
DRY BULK MARKET MAY SUFFER NOW, BUT IS BOUND FOR A RECOVERY THANKS TO A LIMITED FUTURE FLEET GROWTH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The slow increase of dry bulk tonnage growth this year could turn into a solid indicator of the market’s future prospects. According to a rec ...
Friday, 04 September 15
U.S. COAL PRODUCTION FOR THE W/E AUGUST 29, UP SLIGHTLY; FALL 4.5 PERCENT Y-Y: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.7 million shor ...
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- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
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