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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, 17 July 15
DO CANCELLATION RIGHTS UNDER VOYAGE CHARTERPARTY SURVIVE RE-NOMINATION OF LOAD PORT? - INCE&CO
KNOWLEDGE TO ELEVATE
Do cancellation rights under voyage charterparty survive re-nomination of load port?
St Shipping & Transport Inc ...
Thursday, 16 July 15
INDONESIA'S HBA HITS ALL-TIME LOW OF $59.16 PER METRIC TON IN JULY 2015
COALspot.com - The Director General of Mineral and Coal of Indonesia revised down Indonesian coal benchmark price once again to US$ 59.16 pe ...
Thursday, 16 July 15
FOB RICHARDS BAY COAL SWAPS DECLINE W-O-W, M-O-M
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$ ...
Wednesday, 15 July 15
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
The last few weeks have been rather strenuous for Greece and China, each for their own reasons, affecting most markets around the world. In Greece ...
Wednesday, 15 July 15
IRAN OIL RECOVERY TO TAKE YEARS, BUT COULD START IN 2016 - FITCH
Iranian crude oil production is likely to increase in 2016 but will take a number of years to reach its previous peak, Fitch Ratings says.
The ...
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- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- McConnell Dowell - Australia
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
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