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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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Wednesday, 19 August 15
FOB INDONESIA COAL SWAPS CONTINUE FLAT TREND LINE THIS WEEK
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and flat week over week, this past week.
The 4Q swap was decli ...
Tuesday, 18 August 15
DRY BULK: MARKETS HAVE CONTINUED TO BE SEVERELY CHALLENGED - CLARKSONS
The dry bulk markets have continued to be severely challenged with freight rates falling during the period to below operating expense. The Baltic D ...
Tuesday, 18 August 15
1Q'16 FOB RICHARDS BAY COAL SWAP FALLS BELOW $54 A TON
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined month over month and week over week.
The 4Q swap was down US$ ...
Tuesday, 18 August 15
2Q' 16 FOB NEWCASTLE COAL SWAP CLOSED AT $43 PER MT W/E 14 AUGUST
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 1.08 per MT (-2.46%) month over month to US$ 42.82 per mt. The swap ...
Monday, 17 August 15
TROUBLED DRY BULK MARKET FACES TURMOIL AS CHINESE COAL IMPORTS REMAIN WEAK - BIMCO
The demand for coal in China continues to diminish. So much in fact that India is expected to succeed China as the world’s largest imp ...
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- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Wilmar Investment Holdings
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