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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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Sunday, 26 July 15
INDO-INDIA OCEAN COAL FREIGHT RATES REMAIN STEADY
COALspot.com: The freight market continued lost steam towards end of the week and all indices were showing downward trend.
The BDI was up by 3 ...
Friday, 24 July 15
U.S PRODUCED 17.2 MMST OF COAL FOR THE WEEK ENDED JULY 18; FELL 11.5% YEAR ON YEAR
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.2 million shor ...
Friday, 24 July 15
THE IMPACT OF COLLAPSING CHINESE COAL IMPORTS - CLARKSONS
Global seaborne coal trade is currently projected to drop 1% y-o-y in 2015, which would be the first annual decline in almost three decades. The dr ...
Thursday, 23 July 15
ELEVEN NEW NICKEL SMELTERS ARE TO BE BUILT IN INDONESIA OVER THE NEXT TWO YEARS AT A COST OF $1.4 BILLION
Indonesia’s Most Reputable Nickel Event
Eleven new nickel smelters are to be built in Indonesia over the next two years at a cost of $1. ...
Thursday, 23 July 15
THE CAPESIZE SEGMENT KEPT FOUNDING SUPPORT ON INCREASED DEMAND FROM CHINESE STEEL MILLS - INTERMODAL
The Dry Bulk market closed off on Friday (17July 2015) noting substantial gains and the BDI surpassing the 1,000 points level for the first time af ...
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- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
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