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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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Monday, 15 June 15
API 5 FOB NEWCASTLE COAL SWAP: Q1'16 DELIVERY CLOSED 1.14% LOWER THAN Q4'15 DELIVERY PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 1.10 per MT (2.47%) month over month to US$ 45.67 per mt. The swap ...
Monday, 15 June 15
CFR SOUTH CHINA COAL SWAP: ROSE M-O-M; DECLINED W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 1.43 (2.82%) per MT month over month.
A commodity swap is a ...
Sunday, 14 June 15
THE FREIGHT MARKET FINISHED THE WEEK UP COMPARED TO LAST WEEK
COALspot.com: The freight market finished the week up compared to last week. All the segments except for Cape index were up. Cape segment was ...
Friday, 12 June 15
EXPECTATIONS IN REGARDS TO THE SUMMER SEASON VARY ACROSS THE MARKET - INTERMODAL
The Dry Bulk market closed off last slightly up last week, with the BDI re-gaining the 600 points level, while the driving force behind the increas ...
Friday, 12 June 15
U.S. PRODUCED 15.1 MMST OF COAL THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.1 million short ...
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- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Australian Coal Association
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
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