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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 $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 20 July 15
CFR SOUTH CHINA COAL SWAPS GAIN WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 1.18 (2.27%) per MT month over month.
A commodity swap ...
Sunday, 19 July 15
BDI GAINED AND CROSSED 1000 MARK THIS WEEK
COALspot.com: The BDI gained and crossed 1000 mark after many months this Friday. The BDI was up almost 20 pct and closed 1048 points on 17 July 20 ...
Saturday, 18 July 15
INTERVIEW : FRANZ ESCALANTE, CHIEF OF INFORMATION SYSTEMS, MINERA CHINALCO, PERU
We are interested in the technology of Autonomous trucks, the new-generation trucks are not remote controlled, they are truly autonomous - Franz Es ...
Friday, 17 July 15
COAL PRODUCTION IN THE U.S. INCREASES SHARPLY FOR THE WEEK ENDING JULY 11
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.4 million short ...
Friday, 17 July 15
INDONESIAN POWER-STATION COAL SWAPS DECLINE CONTINUES THIS PAST WEEK
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and week over week, this past week.
The Q3 swap was declined $ ...
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- GMR Energy Limited - India
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
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