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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, 22 May 15
FOB INDONESIA COAL Q3'15 SWAP FINISHED THE WEEK UP 38 CENTS TO $43.65 PER MT
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains week over week and lost month on month, past week.
The Q3 swap was declined US$ ...
Friday, 22 May 15
U.S WEEKLY COAL PRODUCTION STAYS FLAT AT 16 MMST
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
Thursday, 21 May 15
PORT OF NEWCASTLE ACHIEVED ITS BEST EVER TOTAL COAL EXPORT TURNOVER OF 159 MILLION TONS IN 2014
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $900 million ...
Thursday, 21 May 15
ATLANTIC PANAMAX MARKET STARTED TO IMPROVE SLOWLY - INTERMODAL
COALspot.com: The Dry Bulk market closed off the week on the green last week, purely on the back of improved Capesize performance, while the rest o ...
Wednesday, 20 May 15
LOWER PRICES SEEN IN NEWBUILDING MARKET ON LOW DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Cash-rich ship owners, or at least, owners with substantial access to financing will be among the prime candidates, who will reap the benefits of t ...
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- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Wilmar Investment Holdings
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
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