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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, 24 April 15
CHINA IRON ORE MINE CLOSURES TO SLOW ON GOVERNMENT SUPPORT - FITCH
Fitch Ratings expects fewer Chinese iron ore mine closures in 2015 as the government takes steps to support the industry, which has been struggling ...
Friday, 24 April 15
IS INDIA THE 'NEW CHINA' WHEN IT COMES TO THE DRY BULK MARKET? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been feeling the “heat” of China’s slowdown and together with the industry’s own failings, with ove ...
Friday, 24 April 15
GLOBAL STEEL PRODUCTION OUTSIDE OF CHINA CONTINUES TO FARE VERY POORLY - JEFFREY LANDSBERG
COALspot.com: Data released this week showed that global crude steel production totaled approximately 138.05 million tons in March.
Wha ...
Friday, 24 April 15
WEEKLY U.S. COAL PRODUCTION ESTIMATE FALLS 5.7% FROM LAST WEEK
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.0 million short ...
Wednesday, 22 April 15
PANAMAX : ATLANTIC HOLDING ON TO THE GAINS OF THE PREVIOUS WEEK; PACIFIC BUSINESS SLID QUIETLY
COALspot.com: The Dry Bulk market managed to close off the week on a positive note last Friday, while as opposed to what we have been used to, it w ...
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- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- PTC India Limited - India
- Australian Coal Association
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
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