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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, 28 August 15
DRY BULK SHIP OWNER OPTIMISTIC ABOUT FUTURE PROSPECTS OF THE MARKET: NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Dry bulk ship owner Golden Ocean appeared optimistic on the long term prospects of the dry bulk market, mainly thanks to an expected resolution of ...
Friday, 28 August 15
COAL PRODUCTION IN THE U.S. FOR THE WEEK ENDING AUGUST 22 ROSE FOR THE THIRD STRAIGHT WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.5 million shor ...
Friday, 28 August 15
BANPU STRENGTHENS GROWTH PLAN
Coal Business: Asia-Pacific Synergies Increase Competitiveness for Premium Export Market.
Banpu Public Company Limited (BANPU) strengthens its ...
Thursday, 27 August 15
RATES FOR CAPES REMAINED ON A FREE FALL LAST WEEK - INTERMODAL
COALspot.com: Keeping everyone on their toes with the volatility seen in August, the Dry Bulk market undoubtedly remains a steady provider of chall ...
Wednesday, 26 August 15
MARKET INSIGHT - STRATOS TINIAKOS
It’s always interesting to comment on the market when big economies around the world are facing troubling times. Following the collapse of th ...
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- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- PTC India Limited - India
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
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