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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, 16 April 15
SHIPPING DEMAND TO SUFFER AS CHINESE SLOWDOWN CONFIRMED SAYS BIMCO'S CHIEF SHIPPING ANALYST - BIMCO
The Chinese economy grew by 7.0% y-o-y in the first quarter of 2015, according to National Bureau of Statistics in China. This is the weakest overa ...
Thursday, 16 April 15
INDIA: COAL IMPORTS RISE BY 33 PC TO 240 MT IN FY'15 - PTI
India’s coal imports in the just concluded FY 2015 increased by 33 per cent to about 240 million tonnes.
“Coal import have gone up ...
Thursday, 16 April 15
CAPESIZE: THE SUPPLY AND DEMAND SIDE ARE NOW SUFFERING HEAVILY - FEARNLEYS
Handy
It seems to be some standoff between owners and charterers in both hemispheres this week. Owners are raising their rates while charterers a ...
Thursday, 16 April 15
Q3 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 55.67 PMT
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month.
The Q2 swap has declined US$ 1.90 (3.17%) m ...
Wednesday, 15 April 15
PORT OF NEWCASTLE SHIPPED 13.63 MMT OF COAL IN MARCH; UP 4.41% M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.227 billi ...
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- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Planning Commission, India
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- VISA Power Limited - India
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
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