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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, 29 May 15
COAL PRODUCTION IN THE U.S. ALMOST FLAT THIS PAST WEEK
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.1 million short ...
Friday, 29 May 15
SOUTH KOREAN STATE-OWNED UTILITY KOREA MIDLAND POWER INVITES BIDS FOR 780K MT OF COAL FOR H2' 15
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 780K Metric Tons (MT) of HCV and LCV ...
Thursday, 28 May 15
TIMEBAR FOR DEMURRAGE CLAIMS - SKULD
KNOWLEDGE TO ELEVATE
English law has traditionally had a strict approach to contractually agreed time bars between commercial parties as well ...
Wednesday, 27 May 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
Earlier in the year I looked at how the market was reacting to the prolonged fall of the price of oil. Back then it was still unclear if the fallin ...
Tuesday, 26 May 15
HOW HAS THE DROP IN OIL PRICES AFFECTED OTHER COMMODITIES? - CLYDE & CO
KNOWLEDGE TO ELEVATE
The effects of the dramatic drop in the price of both Ice March Brent, the international oil marker, and its US counterpa ...
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- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
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