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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, 14 August 15
CONDITIONS AND COMPLEXITIES IN A TRIPARTITE AGREEMENT: BE SPECIFIC! - INCE & CO
KNOWLEDGE TO ELEVATE
A tripartite agreement reached between the Owners, the Shippers and the Receivers provided that demurrage be paid to the ...
Thursday, 13 August 15
THE RATES FOR CAPES KEPT RALLYING LAST WEEK - INTERMODAL
COALspot.com: Strong Capesize performance kept supporting the Dry Bulk market last week, which noted another positive weekly closing, while rates f ...
Thursday, 13 August 15
FOB RICHARDS BAY COAL SWAPS CONTINUE FALLING
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$ ...
Wednesday, 12 August 15
DRY BULK MARKET: WITHOUT A DOUBT REACHED HEALTHIER LEVEL
A few weeks before the end of the summer season, the BDI is hovering around 1,200 points, providing some much needed optimism to all Dry Bulk marke ...
Wednesday, 12 August 15
REGULATION CURBS POWER OF LOCAL AUTHORITIES IN MINING SECTOR IN INDONESIA - FLORENCE G. SANTOSO
The Indonesian Government appears to be getting serious about stripping Regents of the authority to issue mining licenses. The Government took the ...
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- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- The University of Queensland
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
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