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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 $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 07 April 15
SUB-BIT FOB INDONESIA COAL SWAP KEEPS DROPPING; DROPPED 2% W-W
COALspot.com: Indonesian coal swap for delivery Q2 2015 declined month on month and week over week.
The Q2 swap was declined US$ 2.44 (5.14%) ...
Tuesday, 07 April 15
Q3 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 55.96 PMT; DOWN 8.40% M-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has declined U ...
Monday, 06 April 15
INDONESIA'S HBA FIXED AT US$ 64.48 PMT FOR APRIL DELIVERY; DOWN 4.84% M-M
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal benchmark prices to US$ 64.48 per MT in Apr ...
Monday, 06 April 15
FOB NEWCASTLE COAL SWAP DECLINED 12% MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 6.23 per MT (-12%) month over month and US$ 0.86 (-1.85%) week ...
Monday, 06 April 15
CFR SOUTH CHINA COAL SWAP FALL CONTINUES
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 5.96 (-10.37%) per MT month over month and US$ 0.98 (- ...
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- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Planning Commission, India
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
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