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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 $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 01 June 15
35,000 MW POWER PLANTS TO BOOST COAL CONSUMPTION - JP
The government’s program to develop 35,000 megawatt (MW) power plants will increase domestic coal consumption, which currently stands at arou ...
Monday, 01 June 15
API 5 FOB NEWCASTLE COAL SWAP; Q1'16 CLOSED LOWER COMPARED TO Q3'15
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.36 per MT (0.80%) month over month. The swap was closed at US$ ...
Monday, 01 June 15
CFR SOUTH CHINA COAL SWAP: GAINED W-W, M-M; Q1'16 CLOSED HIGHER THAN Q3'15
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery up US$ 1.15 (2.26%) per MT month over month.
A commodity swap is a f ...
Sunday, 31 May 15
CAPE AND PANAMAX SEGMENTS SLIDE CONTINUES
COALspot.com: The BDI was up about 0.5 pct week on week and closed at 589 points while the cape index was fell 0.73 pct and closed at 810 po ...
Friday, 29 May 15
DRY BULK MARKET IS THE VICTIM OF A SHIFT IN DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The fall in dry bulk freight rates is attributed, in large part, to the substantial decrease of China’s thermal coal imports, a major commodi ...
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- Ministry of Mines - Canada
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- PTC India Limited - India
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
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