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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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Wednesday, 22 April 15
TANKER MARKET INSIGHT - STRATOS TINIAKOS
The current environment we experience as a result of low crude oil prices is characterized by the increased demand for petroleum products in OECD c ...
Tuesday, 21 April 15
SUB-BIT FOB INDONESIA COAL SWAP: GAINED W-O-W; DECLINED M-O-M
COALspot.com: Indonesian coal swap for delivery Q2 2015 gained week over week and declined month on month.
The Q2 swap was declined US$ 1.75 ( ...
Tuesday, 21 April 15
FOB RICHARDS BAY COAL SWAP MOVE UP SLIGHTLY
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 increased slightly month over month.
The Q2 swap has increased US$ 0.2 ...
Monday, 20 April 15
BUKIT ASAM TAKES OVER STAKE IN JV FROM RAJAWALI - JP
State-owned coal miner PT Bukit Asam (PTBA) announced Friday that it had taken over almost the entire stake in a joint venture (JV) that it created ...
Monday, 20 April 15
FOB NEWCASTLE COAL SWAP GAINED WEEK ON WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.54 per MT (-7.21%) month over month and gained US$ 0.30 week ...
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- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Planning Commission, India
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Australian Coal Association
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
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