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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, 02 April 15
NEWBUILDING ORDERS FOR DRY BULK CARRIERS "DRY" UP
Newbuilding ordering activity remained subdued over the course of the past week, as ship owners are wary of adding further tonnage to an already pr ...
Wednesday, 01 April 15
SUPRAMAX & HANDY: RATES HELD STEADY TOWARDS THE WEEKEND
“Despite the fact that the Dry Bulk market closed off on the green last week, sentiment didn't improve by any means, not only because of ...
Wednesday, 01 April 15
Q4' 15 INDONESIA COAL SWAP CLOSED AT $45.15 W/E 27 MARCH 2015
COALspot.com: Indonesian coal swap for delivery Q2' 2015 drops month on month and week over week.
The Q2 swap declined US$ 1.54 (3.24%) mo ...
Tuesday, 31 March 15
RICHARDS BAY COAL SWAPS GAIN WEEK OVER WEEK
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month but increased week on week.
The Q2 swap has ...
Monday, 30 March 15
WORST IS OVER FOR THE DRY BULK MARKET, BUT THE PAIN WILL REMAIN FOR YEARS TO COME, SAYS BIMCO CHIEF ANALYST - HELLENIC SHIPPING
The current demise of the dry bulk market isn’t one to go away anytime soon. That doesn’t mean that it can’t improve, with all sh ...
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- Energy Development Corp, Philippines
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- GMR Energy Limited - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- The University of Queensland
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
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