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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 $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 05 May 15
OVERSUPPLY PUTTING INDONESIAN COAL PRICES UNDER PRESSURE
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 1 ...
Tuesday, 05 May 15
FOB RICHARDS BAY COAL SWAPS MOVE NORTH THIS PAST WEEK
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 ...
Monday, 04 May 15
FOB NEWCASTLE COAL SWAP Q1'16 PRICES SLIGHTLY LOWER COMPARED TO Q3'15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 1.38 per MT (3.12%) month over month and US$ 0.93 week on week. ...
Monday, 04 May 15
Q1' 2016 CFR SOUTH CHINA THERMAL COAL SWAP CLOSED HIGH THAN 2015 DERIVATIVES
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.15 (-0.29%) per MT month over month and increased US$ 0.07 ...
Sunday, 03 May 15
DRY BULK INDICES WEAKEN SLIGHTLY THIS WEEK
COALspot.com: The freight market was flat to weak for the week starting from 27 April. The BDI was fell around 2.17% closed at 580 points.
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- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Planning Commission, India
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- PTC India Limited - India
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- The University of Queensland
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
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