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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, 13 May 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The EU governments in an effort to face their economic crisis individually are facing lack of political cohesion. This reflects back to each econom ...
Tuesday, 12 May 15
FOB INDONESIA COAL SWAP; DECLINED M-O-M AND W-O-W
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 0 ...
Tuesday, 12 May 15
FOB RICHARDS BAY COAL SWAPS: LOST W-O-W; GAIN M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and decreased week over week.
The Q3 swap h ...
Monday, 11 May 15
DRY BULK CARRIER ORDERS CRASH TO A TWENTY YEAR LOW - CLARKSONS
In the last four months dry bulk orders have fallen to 0.4m dwt per month, the lowest level since the 1990s. This is a massive 98% reduction from t ...
Monday, 11 May 15
HBA PRICE DIPS FURTHER; LOWEST RECORDED SINCE JANUARY 2009
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal benchmark prices to US$ 61.08 per MT in May ...
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- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
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