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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, 23 June 15
Q3 FOB INDONESIA COAL SWAP FALL $1.12 IN ONE 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, 23 June 15
FOB RICHARDS BAY COAL SWAP HAS REMAINED STEADY OVER THE PAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and week over week.
The Q3 swap was up US$ 2.32 ...
Monday, 22 June 15
BORYEONG POWER PLANT TO IMPORT 140K MT OF LCV COAL FOR AUGUST - SEPTEMBER 2015
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to purchase 140K Metric Tons (MT) of LCV coal for ...
Monday, 22 June 15
CFR SOUTH CHINA COAL SWAP: UP MONTH OVER MONTH; DOWN WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 0.30 (0.58%) per MT month over month.
A commodity swap is a ...
Monday, 22 June 15
FOB NEWCASTLE COAL SWAP: UP WEEK OVER WEEK AND MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.54 per MT (1.19%) month over month to US$ 45.87 per mt. The swap was ...
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- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- White Energy Company Limited
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
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