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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 $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 20 April 15
Q4' 2015 API 8 CFR SOUTH CHINA COAL SWAP CLOSED US$ 50.28 PMT
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.03 (-7.28%) per MT month over month and US$ 0.05 (-0 ...
Sunday, 19 April 15
THE OCEAN FREIGHT MARKET SHOWED STEADY THIS WEEK
COALspot.com: The freight market was fairly steady this week. The BDI was up 2.93% to 597 points week over week. The cape index was also increased ...
Friday, 17 April 15
IHS ENERGY EUROPEAN COAL OUTLOOK CONFERENCE
Attend the IHS Energy European Coal Outlook Conference 19-20 May in Nice, France and learn about timely concerns in today’s coal industry.
...
Friday, 17 April 15
COAL PRODUCTION IN THE U.S. UP THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 18.0 million short ...
Thursday, 16 April 15
NEW COMMODITY SUPERHIGHWAY WILL EMERGE IN CHINA, ALTERING ENERGY TRADE FLOWS - WOOD MACKENZIE
Wood Mackenzie says that China’s Go West strategy – encouraging coastal to inland flow of capital and people - will result in the forma ...
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- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Parliament of New Zealand
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- The University of Queensland
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
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