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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 $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 18 May 15
FOB NEWCASTLE COAL SWAPS SCORE MONTHLY GAINS
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.87 per MT (1.99%) month over month and lost US$ 0.03 week on w ...
Monday, 18 May 15
Q1' 16 API 8 CFR SOUTH CHINA COAL SWAP CLOSED HIGHER THAN Q3' 15 CLOSING PRICE
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery up US$ 1.05 (2.10%) per MT month over month and US$ 0.53 (1.05%) pe ...
Sunday, 17 May 15
INDONESIA - INDIA FREIGHTS RATES EXPECTED TO FLAT TO SOFT NEXT WEEK
COALspot.com: The BDI was up by 10.45% and closed at 634 points week on week, while the Cape index saws big jump or up almost 55% for the same peri ...
Friday, 15 May 15
DRY BULK AND CONTAINER SHIPPING TO REMAIN WEAK, OUTLOOK FOR PORTS AND TANKERS POSITIVE - DREWRY MARITIME EQUITY RESEARCH
Global economy is in a gradual recovery mode, sending mixed signals to investors. Chinese economic data continues to remain weak as economy transit ...
Friday, 15 May 15
COAL PRODUCTION IN U.S DOWN 1.4 MILLION TONS FOR THE WEEK ENDING MAY 8
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
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- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Posco Energy - South Korea
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
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