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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, 29 July 15
Q4' 15 FOB RICHARDS BAY COAL SWAPS DECLINE 4.41% TO $56.52 PMT
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was down US$ ...
Tuesday, 28 July 15
INDONESIA DELAYS PLAN TO RAISE COAL ROYALTIES AMID PLUNGING PRICE - JP
The government will postpone a plan to increase royalty payments from coal miners as they are already burdened with the commodity’s plunging ...
Tuesday, 28 July 15
API 5 FOB NEWCASTLE COAL SWAP LOST M-M AND GAINED W-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery down $ 1.15 per MT (-2.51%) month over month to US$ 44.62 per mt. The swap ...
Monday, 27 July 15
KOMIPO INVITES BIDS FOR TOTAL 545,000 MT OF COAL FOR BORYEONG POWER PLANT
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to purchase total 545,000 Metric Tons (MT) of coal ...
Monday, 27 July 15
CFR SOUTH CHINA COAL SWAP WEAK M/M; FIRM W/W
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.92 (1.77%) per MT month over month.
A commodity swap ...
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- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- The University of Queensland
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Australian Coal Association
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
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