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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, 07 August 15
COAL PRICE DEVELOPMENTS CAN ONLY BE DESCRIBED, SUCCINCTLY AS "OVERSUPPLY MEETS SUBDUED DEMAND" - VDKI
Coal Outlook 2015 – International
Regarding the outlook for global coal trading, two questions arise: firstly, “ whether the years of ...
Friday, 07 August 15
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 528.1 MMST; DOWN 8.7% Y/Y - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.7 million shor ...
Thursday, 06 August 15
THE RATES FOR CAPES SHOOT UP LAST WEEK; GIVING THIS RECENT RALLY SOME MUCH NEEDED LEGS - INTERMODAL
COALspot.com: The Dry Bulk market noted another positive closing last week, entirely supported by Capesize performance, which managed to balance th ...
Thursday, 06 August 15
HARD COAL AND COKE IMPORTS TO GERMANY REACH NEW ALL-TIME HIGH OF 56.2M TONES IN 2014
Demand for German and imported hard coal In 2014, in 2014 fell by almost 8%, or 4.8m TCE, to 56.2m TCE.
According to German Coal Importer ...
Thursday, 06 August 15
SEABORNE WORLD TRADE IN STEAM COAL GROWS BY 3% YOY - GERMAN COAL IMPORTER ASSOCIATION
Global trade with hard coal, at 1,272m tones in 2014, increased by 35m tonnes or 3% in comparison with the previous year.
According to associa ...
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- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
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