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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 $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 11 June 15
IS COAL INDUSTRY GOING TO HIT A BRICK WALL?
COALspot.com - The Director General of Mineral and Coal of Indonesia revised down Indonesian coal benchmark price once again to US$ 59.59 per MT fo ...
Wednesday, 10 June 15
TANKER MARKET INSIGHT - STELIOS KOLLINTZAS
As we go through the end of the 2nd quarter of the year it is evident that the tanker shipping markets have been rewarding and definitely been show ...
Wednesday, 10 June 15
WORLD COAL MARKET HEADING TO NEW EQUILIBRIUM: MINISTER - JAKARTA POST
Energy and Mineral Resources Minister Sudirman Said has said the world’s coal market is heading towards a new balance, which will make Indone ...
Wednesday, 10 June 15
FOB INDONESIA COAL SWAP ROSE W-O-W AND M-O-M
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains month on month and week over week, this past week.
The Q3 swap was climbed by $ ...
Tuesday, 09 June 15
GLOBALCOAL IMPLEMENTS VOLUMETRIC SIZE LIMITS IN RICHARDS BAY MARKET
COALspot.com: globalCOAL today announced that following recent market consultation, it will limit bids, offers and trades in the fixed price Phys R ...
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- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
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