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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, 14 April 15
COAL OUTPUT FALLS AS PRICES CONTINUE TO LAG - JP
Coal output dropped by 21 percent in the first three months of the year as low prices for the commodity forced mining companies to reduce activitie ...
Tuesday, 14 April 15
SUB-BIT FOB INDONESIA COAL SWAPS FOR Q4 DELIVERY CRASHES THROUGH $44
COALspot.com: Indonesian coal swap for delivery Q2 2015 declined month on month and week over week.
The Q2 swap was declined US$ 2.25 (4.77%) ...
Monday, 13 April 15
Q2 FOB NEWCASTLE COAL SWAP CLOSED AT $45.28 PMT; DECLINED 7.50% M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.67 per MT (-7.50%) month over month and US$ 0.39 week on wee ...
Monday, 13 April 15
Q4 CFR SOUTH CHINA COAL SWAP CLOSED AT US$ 50.97
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.50 (-8.05%) per MT month over month and US$ 0.12 (-0 ...
Sunday, 12 April 15
INDONESIA TO INDIA FREIGHT RATE IS EXPECTED TO BE SOFT
COALspot.com: The freight market was steady, however the BDI was declined slightly week over week.
BDI dropped 1.36 pct and closed at 580 poin ...
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- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- The University of Queensland
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
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