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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, 03 July 15
U.S DELIVERS WEAK FIRST HALF COAL PRODUCTION; 8.8% LOWER Y-O-Y
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.5 million short ...
Friday, 03 July 15
SHIPPING CONFIDENCE EQUALS SEVEN-YEAR LOW - MOORE STEPHENS
Overall confidence levels in the shipping industry fell during the three months to May 2015 to a level equal to the lowest rating recorded in the p ...
Thursday, 02 July 15
TECHNOLOGY AND INNOVATION IN MINING 2015 - IXG
Information Exchange Group’s Technology and Innovation in Mining 2015- International Summit on Mining
Press Release: The inaugural editi ...
Thursday, 02 July 15
THE PERFORMANCE OF THE CAPESIZE SEGMENT PUSHED DRY BULK MARKET TO UPWARD LAST WEEK
COALspot.com: The Dry Bulk market continued its upward movement last week, with the BDI closing off on Friday (26 June) in excess of 800 points, wh ...
Wednesday, 01 July 15
Q4'15 AND Q1'16 FOB RICHARDS BAY COAL SWAPS ROSE W-O-W AND M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and down week over week.
The Q3 swap was up US$ ...
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- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- PTC India Limited - India
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
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