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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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Thursday, 30 April 15
IRON ORE EXPORTS: A DANGEROUS RACE? - CLARKSONS
The surge in iron ore exports in recent years has resulted in a significant decrease in iron ore spot prices, which dipped to a ten year low of bel ...
Thursday, 30 April 15
IRON ORE PLAYS EXPECTED TO SHAPE UP MAY DRY BULK SCHEDULE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Market plays in the iron ore commodities’ markets, are expected to carve out the future demand for the shipping industry as well, said Allied ...
Wednesday, 29 April 15
MARKET INSIGHT - INTERMODAL
The figures of China’s slowing down imports of coking coal for the first quarter of the year are coming to confirm what everybody was expecti ...
Wednesday, 29 April 15
SHIPBUILDERS START OFFERING DISCOUNTS FOR DRY BULK NEWBUILDINGS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It took a while, but now it appears that some shipbuilders are beginning to adjust their price lists to the new grim reality of the dry bulk market ...
Tuesday, 28 April 15
FOB INDONESIA COAL SWAP DECLINED M-O-M; INCREASED W-O-W
COALspot.com: Indonesian coal swap for delivery Q2 2015 gained week over week but declined month on month.
The Q2 swap was declined US$ 0.15 ( ...
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- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Australian Coal Association
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- MS Steel International - UAE
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
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