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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 $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 09 June 15
FOB RICHARDS BAY COAL SWAPS DECLINED M-O-M, W-O-W
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was fell US$ ...
Monday, 08 June 15
SHIPPING FLEET GROWTH HAS STARTED TO SLOW DOWN, AS NEWBUILDINGS AMOUNT TO JUST 329 SHIPS OF ALL TYPES SINCE THE START OF 2015 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Challenging market conditions have led to the inevitable reconsideration of ship owners’ priorities. Uncertainty has been the norm over the p ...
Monday, 08 June 15
API 5 FOB NEWCASTLE COAL SWAPS ADVANCED M-O-M AND W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery increased US$ 0.65 per MT (1.44%) month over month to US$ 45.65 per mt. The ...
Monday, 08 June 15
Q3'15 CFR SOUTH CHINA COAL SWAP ADVANCED 3.51% TO $52.48 PMT THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 1.78 (3.51%) per MT month over month.
A commodity swap is a ...
Sunday, 07 June 15
PANAMAX INDEX ROSE OVER 13% THIS WEEK
COALspot.com: The freight market was up on all segments this past week. The BDI was advanced 3.56% and closed at 610 points. The Cape Index was cli ...
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- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Australian Coal Association
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Planning Commission, India
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
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