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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, 26 June 15
INDONESIA COAL PRODUCTION FALLS BETWEEN JAN-MAY : JG
The Ministry of Energy and Mineral Resources announced that coal production declined to 166 million tons between January and May, a 19 percent drop ...
Friday, 26 June 15
COAL PRODUCTION IN THE U.S ROSE 6.0% WEEK OVER WEEK, SAYS EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.3 million short ...
Thursday, 25 June 15
THE PORT OF NEWCASTLE SHIPPED 13.31% MORE COAL IN MAY 2015 COMPARED TO APRIL 2015
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.18 billio ...
Thursday, 25 June 15
CAPESIZE: PERIOD INTEREST REMAINED STRONG FOR A SECOND WEEK - INTERMODAL
COALspot.com: Following those depressive last six months, the BDI closed off on last Friday noting a substantial weekly increase, which pushed the ...
Wednesday, 24 June 15
PANAMAXES: THE OUTLOOK REMAINS NEGATIVE AS DEMAND FOR COAL IS DIMINISHING - YANNIS OLZIERSKY
As we get closer to the end of June, we can safely say that the 1st half of the year is leaving the dry bulk market with a bitter taste that we all ...
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- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- The University of Queensland
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- PTC India Limited - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Australian Coal Association
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
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