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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, 26 May 15
MINING ASSOCIATION PERHAPI PUSHES FOR 35,000 MEGAWATT ELECTRICITY PROGRAM - JG
The Indonesian Mining Professionals Association, or Perhapi, has announced its support for a 35,000-megawatt national electricity program, saying i ...
Tuesday, 26 May 15
FOB INDONESIA COAL SWAP; UP WEEK OVER WEEK
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains week over week and lost month on month, this past week.
The Q3 swap was declined ...
Monday, 25 May 15
FOB NEWCASTLE COAL SWAP Q1'16 CLOSED LOWER THAN Q3'15 CLOSING
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.92 per MT (2.07%) month over month and US$ 0.70 week on week. ...
Monday, 25 May 15
CFR SOUTH CHINA COAL SWAP : Q3, Q4'15 & Q1'16 INCREASED M-O-M AND W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery up US$ 1.55 (3.09%) per MT month over month and US$ 0.72 (1.41%) pe ...
Sunday, 24 May 15
INDONESIA TO INDIA PANAMAX CHARTER RATES WERE RATING AT AROUND US$ 5500
COALspot.com: The freight market softened in all segments this past week.
The BDI was dropped 7.57 percent week over week and closed at 586 po ...
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- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Planning Commission, India
- Eastern Energy - Thailand
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
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