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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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Friday, 05 June 15
U.S PRODUCED 15.1 MMST OF COAL THIS PAST WEEK; LESS 20.7% COMPARED TO SAME PERIOD IN 2014
COALspot.com – United States the second largest coal producer in the world has produced approximately totalled an estimated 15.1 million shor ...
Thursday, 04 June 15
DRY BULK MARKET FAILED TO OFFER ANY POSITIVE SURPRISES - INTERMODAL
COALspot.com: This has been another week that the Dry Bulk market failed to offer any positive surprises, while the BDI, which is still faring belo ...
Wednesday, 03 June 15
SHIPPING MARKET INSIGHT - VASSILIS LOGOTHETIS
For some time now the Dry Bulk market has been severely affected by China’s slowing GDP growth rate that occurs in the background of increase ...
Tuesday, 02 June 15
FOB INDONESIA COAL Q3 SWAP ADVANCED 1.73% MONTH OVER MONTH
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains month on month and lost week over week, this past week.
The Q3 swap was climbed ...
Tuesday, 02 June 15
FOB RICHARDS BAY COAL SWAPS; Q3'15 CLOSED HIGHER THAN Q1'16
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 up month over month and week over week.
The Q3 swap was up US$ 0.80 (1 ...
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- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
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