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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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Wednesday, 20 May 15
TANKER MARKET INSIGHT - JOHN N. COTZIAS
Since Early October 2014 the tanker market has been experiencing a very positive momentum and has continued its strong performance so far in 2015. ...
Wednesday, 20 May 15
FOB RICHARDS BAY COAL SWAPS GAINED M-O-M, W-O-W
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and week over week.
The Q3 swap has increas ...
Wednesday, 20 May 15
BUKIT ASAM'S AVERAGE EXPORT PRICE WAS UNDER PRESSURE DURING Q1
COALspot.com: Indonesia’s state owned coal producer saw their profits fall in the first quarter of the year compared to the same period last ...
Wednesday, 20 May 15
IRON ORE PRICES TO REMAIN WEAK ON LOW DEMAND, HIGH OUTPUT - FITCH
Iron ore prices will stay low for several years due to increasing supply, weak demand growth in China and the slower-than-expected closure of high- ...
Tuesday, 19 May 15
KOMIPO IS SEEKING TOTAL 2.34 MMT OF HCV AND LCV COAL FOR 2015 - 2017
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 2.34 million Metric Tons (MT) of HCV ...
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- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Minerals Council of Australia
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- The University of Queensland
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
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