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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, 28 April 15
Q2' 15 FOB RICHARDS BAY COAL SWAP CLOSED 4.18% HIGHER FROM MONTH AGO
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 increased month over month and slightly week over week.
The Q2 swap ha ...
Monday, 27 April 15
U.S. COAL PRODUCTION FELL BELOW ONE BILLION SHORT TONS IN 2013 - EIA
COALspot.com: For the first time in two decades, U.S. coal production fell below one billion short tons to 984.8 million short tons in 2013 from 1, ...
Monday, 27 April 15
Q3' 2015 FOB NEWCASTLE COAL SWAP CLOSED 3.69% LOWER THAN Q2' 2015 PRICE OF $46.36
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery gained US$ 0.19 per MT (0.41%) month over month and US$ 0.78 week on week. ...
Monday, 27 April 15
CFR SOUTH CHINA COAL SWAP SLOWLY IMPROVED THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 0.74 (-1.41%) per MT month over month and increased US$ 0.43 ...
Sunday, 26 April 15
DRY BULK MARKET KEPT IMPROVING THIS WEEK; CAPES AND PANAMAXES SHOW A SLIGHT PICKUP IN RATES
COALspot.com: The freight market was stable this week as BDI closed at 600 points after improving 0.50 percent week over week.
The cape ...
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- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- PTC India Limited - India
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- White Energy Company Limited
- Posco Energy - South Korea
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- VISA Power Limited - India
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Australian Coal Association
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
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