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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, 22 July 15
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS | INTERMODAL
In both bulk shipping sectors, there are certain, yet different, reasons and strategies to invest. In the wet, buy once you can charter-out long, w ...
Tuesday, 21 July 15
CHINA'S ENERGY COMMODITY IMPORTS DIVERGING - RICHARD SCOTT | HELLENIC SHIPPING NEWS
Energy commodity imports into China have grown enormously over the past decade, boosting global demand for shipping capacity. But a dramatic change ...
Tuesday, 21 July 15
FOB INDONESIA COAL SWAPS EXTEND LOSS
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and week over week, this past week. The swaps was lost 0.70%.
...
Tuesday, 21 July 15
Q4'15 FOB RBCT COAL SWAP DECLINES NEARLY 3.13 PER CENT MONTH OVER MONTH
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$ ...
Monday, 20 July 15
FOB NEWCASTLE COAL SWAP SEE FURTHER DECLINES
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery down $ 1.32 per MT (-2.89%) month over month to US$ 44.43 per mt. The swap ...
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- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Planning Commission, India
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Power Finance Corporation Ltd., India
- Australian Coal Association
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
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