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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, 10 April 15
US COAL PRODUCTION FELL 4.7% W-O-W : EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.4 million short ...
Friday, 10 April 15
DRY BULK MARKET'S DOWNFALL ALSO OFFER INVESTMENT BARGAINS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Dry bulk market rates have fallen to historical lows over the past few weeks, with no clear path of recovery, at least in the near term. As such, m ...
Thursday, 09 April 15
CAPESIZE: RATES ARE STILL DISAPPOINTING - FEARNLEYS
Handy
The handy market had a stronger sentiment before the Easter holidays, but have as the bigger panamaxes seen a softening tendency this week. ...
Wednesday, 08 April 15
DRY BULK MARKET SEEMS UNABLE TO CATCH A BREAK - INTERMODAL
COALspot.com: The Dry Bulk market seems unable to catch a break these days.
According to Intermodal, following the market stabilization that p ...
Wednesday, 08 April 15
CHINA BURNS HALF OF THE WORLD'S COAL - CHRISTOPHER T. WHITTY
Intermodal Weekly Market Update
China is the world's largest consumer of coal, using more coal each year than the United States, the Europ ...
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- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Planning Commission, India
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
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