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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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Sunday, 05 April 15
FREIGHT RATES UNDER PRESSURE WEEK OVER WEEK
COALspot.com: The Indices fell on all segments and the market seemed to soften this week.
The BDI was almost lost 1.34% week over week and clo ...
Saturday, 04 April 15
BORYEONG POWER OF KOMIPO TO BUY TOTALED 695K MT OF HIGH AND LCV COAL
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids from coal producers, marketing companies, or traders to supply of 500000 Metr ...
Friday, 03 April 15
U.S WEEKLY COAL PRODUCTION STAYS FLAT
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 18.3 million short ...
Friday, 03 April 15
TOBA BARA'S PANDU SJAHRIR ELECTED AS NEW CHAIRMAN OF THE INDONESIAN COAL MINING ASSOCIATION
COALspot.com: Pandu Sjahrir, the Vice President Director & CFO of the Jakarta-listed PT Toba Bara Sejahtra — a subsidiary of PT Toba Seja ...
Thursday, 02 April 15
GOVERNMENT MUST WORK WITH MINING, NOT AGAINST IT - PANDU SJAHRIR
The Coal Face: The coal price has hit its lowest point in recent memory
My father used to say to me that his children are his biggest inv ...
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- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Minerals Council of Australia
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
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