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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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Tuesday, 07 July 15
FOB NEWCASTLE COAL SWAP ADVANCED MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.28 per MT (-0.61%) month over month to US$ 45.85 per mt. The swap wa ...
Monday, 06 July 15
KOREA MIDLAND POWER COMPANY LIMITED ISSUED A TENDER FOR 250K MT BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 250K Metric Tons (MT) of 5300 kcal/kg NAR coal ...
Monday, 06 July 15
COAL TRADING & RISK MANAGEMENT TRAINING COURSE
Are you ready to invest in yourself and take your trading and risk management strategy to the next level? The Coal Trading & Risk Management Tr ...
Monday, 06 July 15
CFR SOUTH CHINA COAL SWAP; DECLINED D-O-D,W-O-W AND M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.53 (1.01%) per MT month over month.
A commodity swap ...
Sunday, 05 July 15
THE BALTIC DRY INDEX WAS DOWN 18%; PANAMAX UP 9%
COALspot.com: The freight market was soft during this week. However indices closed slightly firmer end of the week on 3rd July.
The BDI was do ...
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- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- The University of Queensland
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- VISA Power Limited - India
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Planning Commission, India
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
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