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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, 04 September 15
GOVERNORS WILL HAVE THE POWER TO REVOKE MINERS' PERMITS: ENERGY MINISTRY - JG
Starting Oct. 1, Indonesia's governors will lawfully become "executors" in revoking the licenses of miners that fail to secure a &quo ...
Thursday, 03 September 15
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO REVISE HBA METHODOLOGY
COALspot.com: Ministry of Energy and Mineral Resources (ESDM) in process to revise Indonesian Coal Price Reference (HBA) and expected to complete b ...
Thursday, 03 September 15
THE CHINESE STOCK MARKET AND THE CHINESE ECONOMY CONTINUE TO SUBSTANTIALLY AFFECT TRADING - INTERMODAL
The last week of the summer season saw the BDI dipping further on the back of another significant drop in rates for Capes, which brought the market ...
Wednesday, 02 September 15
PORT OF NEWCASTLE SHIPPED 13.46 MMT OF COAL IN JULY; UP 0.66 PER CENT M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.224 billi ...
Wednesday, 02 September 15
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
In the beginning of the summer period SnP activity was firm with numerous buyers, coming mainly from Greece and the Far East, inspecting ships and ...
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- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- PTC India Limited - India
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
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