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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, 24 August 15
IS CHINA'S STEEL EXPORTS ENOUGH TO SUPPORT THE FREIGHT MARKET? - BIMCO
No, it’s not enough, you will need lower Chinese iron ore production too in order to keep growing imports of iron ore into China that will su ...
Sunday, 23 August 15
SHIPPING FREIGHT RATES FALL SHARPLY ON EXCESS SUPPLY AND LOW DEMAND
COALspot.com: The BDI continued to soften and was down 5.78 pct and falls back below 1000 points this week.
The cape Index lost 17.25 per cent ...
Friday, 21 August 15
U.S. YEAR-TO-DATE COAL PRODUCTION VOLUME FALLS 8.7% Y-O-Y
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.3 million shor ...
Friday, 21 August 15
GLOBALCOAL TO LAUNCH ONLINE TRADING OF PHYSICAL MET COAL ON 13 OCTOBER
On 13 October 2015, globalCOAL will launch an online platform for the physical procurement and trade of high quality hard coking coal delivered FOB ...
Thursday, 20 August 15
COAL PRICES FALL TO 12-YEAR LOWS AS CHINA, INDIA JOIN DEMAND SLOWDOWN - REUTERS
Coal futures have fallen to 12-year lows, hit by soaring production and a slowdown in global buying, including from India and China which until rec ...
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- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
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