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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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Sunday, 21 June 15
SPOT RATE AVERAGES FOR FREIGHT FROM INDONESIA TO INDIA REMAIN STRONG THIS WEEK
COALspot.com: The freight market was quite firm this week compared to last week. The BDI was up 21% week on week and closed at 779 points. The cape ...
Friday, 19 June 15
U.S. WEEKLY COAL PRODUCTION UP SLIGHTLY COMPARED TO LAST WEEK; CONTINUES TO BE DOWN FROM LAST YEAR
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.4 million short ...
Friday, 19 June 15
INDONESIA'S COAL-TRAFFICKING PROBLEM REQUIRES IMPARTIAL INQUIRY - JAKARTA GLOBE
Indonesia, the leading supplier to the seaborne thermal coal market, produces 420 million tons of coal per year, according to its official tally.
...
Thursday, 18 June 15
DRY BULK SHIPPING: LOWEST FLEET GROWTH IN 10 YEARS MAY NOT PROVE ENOUGH AS DEMAND IS NOT KEEPING PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The demand side of things in the dry bulk market seems unable to keep pace with even the slightest fleet growth, a sign of the demise that the indu ...
Thursday, 18 June 15
THE FAR EAST HANDYSIZE, HANDYMAX, SUPRAMAX MARKET REMAINED STEADY LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market closed off on Friday (last week) noting small gains on the back of stronger performance in the Panamax segment, w ...
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- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Australian Coal Association
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Planning Commission, India
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- PTC India Limited - India
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