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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, 08 May 15
COAL PRODUCTION IN U.S. UP 3.2% THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.4 million short ...
Wednesday, 06 May 15
COMBINATION OF HOLIDAYS AND A SHAKY MARKET PUT ADDITIONAL PRESSURE ON RATES
COALspot.com: The combination of holidays and a shaky market is always a recipe for additional pressure on rates and last week was no exception. Wi ...
Wednesday, 06 May 15
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
The first four months of 2015 are now behind us and they make up for a decent amount of time to look back and assess how the year is evolving so fa ...
Tuesday, 05 May 15
MIFA BERSAUDARA UNIT OF ABM INVESTAMA STARTS OPERATING $200M COAL MINE IN ACEH
Reswara Minergi Hartama, a coal mining unit of coal miner ABM Investama known as known as Reswara, inaugurated a $200 million integrated coal minin ...
Tuesday, 05 May 15
FREIGHT DERIVATIVE VOLUMES REACHED TOTALED 14,154 CONTRACTS IN APRIL - SGX
COALspot.com: “Our unique suite of freight and bulk commodity products provides market participants with a wide range of trading strategies a ...
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- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Australian Coal Association
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
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