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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, 31 July 15
CAPE'S PAPER MARKET REMAINS FIRM - INTERMODAL
COALspot.com: The positive sentiment that the Dry Bulk market has been enjoying as of the previous month, was carried through last week as well, bu ...
Friday, 31 July 15
COAL PRODUCTION IN THE U.S. UP 3.6% FOR THE WEEK ENDING JULY 25
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.8 million shor ...
Friday, 31 July 15
CHINA'S NEW OIL IMPORT RULES HAVE MINIMAL IMPACT ON STATUS QUO - FITCH
Fitch Ratings says that China's looser criteria for crude oil import rights are a positive but modest step towards encouraging private-sector p ...
Thursday, 30 July 15
EFFECTS OF THE CHINESE STOCK MARKET CRISIS - INTERMODAL
All evidence is currently signaling that the Chinese stock market will be the newest hurdle for the global economy. With the world's second lar ...
Wednesday, 29 July 15
Q1'16 FOB INDONESIA COAL SWAP CLOSED HIGHER THAN Q3'15
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and gains week over week, this past week.
The Q3 swap was decl ...
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- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
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