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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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Thursday, 09 July 15
CPP MARKET : POSITIVE IN THE SHORT TERM - GEORGE VASTARDIS
Despite the traditionally quieter summer period, the clean tanker market has so far experienced healthy activity especially East of Suez. Increased ...
Thursday, 09 July 15
LACK OF FRESH BUSINESS IN THE PACIFIC LEFT CAPESIZE RATES MOVING SIDEWAYS - INTERMODAL
COALspot.com: Intermodal ship broker says in its weekly report that, a different picture from what we saw the previous week was painted during the ...
Wednesday, 08 July 15
RIO TINTO'S MODERNISED KITIMAT SMELTER BEGINS PRODUCTION; KITIMAT BECOMING ONE OF THE LOWEST COST SMELTERS IN THE WORLD
COALspot.com: Rio Tinto is preparing its first shipments of metal from its world-class Kitimat aluminium smelter in Canada following an extensive m ...
Wednesday, 08 July 15
Q3'15 INDONESIA COAL SWAP DECLINED 3.14% MONTH OVER MONTH
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 $ ...
Tuesday, 07 July 15
FOB RICHARDS BAY COAL SWAPS DECLINED WEEK OVER WEEK
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$ ...
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- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Economic Council, Georgia
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
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