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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 $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 01 September 15
FOB INDONESIA COAL SWAPS FURTHER SLIDE TO US$ 40.62 PMT; DECLINE 5.34 PERCENT M-O-M
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and slightly dropped week over week.
The 4Q swap was declined ...
Tuesday, 01 September 15
FOB RICHARDS BAY COAL SWAPS STILL SLIDING; Q2'16 DELIVERY LOST AROUND 6 PERCENT M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 gain week over week but declined month over month.
The 4Q swap was dow ...
Monday, 31 August 15
API 5 FOB NEWCASTLE COAL SWAP GAINS WEEK OVER WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 1.85 per MT (-4.23%) month over month to US$ 41.87 per mt. The swap ...
Monday, 31 August 15
Q1'16 CFR SOUTH CHINA COAL SWAP ENDS DOWN MORE THAN 4 PERCENT MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.91 (3.78%) per MT month over month.
A commodity ...
Sunday, 30 August 15
THE DRY BULK MARKET UNDOUBTEDLY REMAINS WEAK & VOLATILE THIS WEEK
COALspot.com: The BDI slipped further down this week, moving closer to 900 level. This week’s BDI falls 9.15 pct and closed at 903 points. Wh ...
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- India Bulls Power Limited - India
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- PTC India Limited - India
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- VISA Power Limited - India
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
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