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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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Tuesday, 04 August 15
SHIPPING CYCLES - A CHESS GAME YOU DON'T WANT TO LOSE - CLARKSONS
Ingmar Bergman’s classic movie The Seventh Seal is about a knight who, during the Black Death, challenges Death to a chess match, in the hope ...
Monday, 03 August 15
NEWCASTLE COAL SWAPS DECLINE FURTHER THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 1.92 per MT (-4.22%) month over month to US$ 43.58 per mt. The swap ...
Monday, 03 August 15
CFR SOUTH CHINA COAL SWAPS SLIDE THIS WEEK
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined US$ 1.64 (3.14%) per MT month over month.
A commodity swap ...
Sunday, 02 August 15
CAPESIZE RATES PUSH BDI UPWARD
COALspot.com: The freight market was buoyant this week as BDI rose 4.14 pct to 1131 points. The cape index was also increased 16.50 pct 2209 points ...
Saturday, 01 August 15
DRY BULK MARKET KEEPS ITS MOMENTUM, AS OUTLOOK IMPROVES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Although conditions remain more than challenging, especially from an economic point of view (aka China’s stock worries), the dry bulk market ...
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- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- London Commodity Brokers - England
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
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