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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, 27 March 15
INDONESIA: NEW REGULATION REQUIRES LETTER OF CREDIT FOR EXPORT OF PRODUCTS FROM NATURAL RESOURCES
The Minister of Trade issued Ministerial Regulation No. 04/M-DAG/PER/1/2015 (“Regulation No. 4/2015”) on 5 January 2015. Regulati ...
Friday, 27 March 15
WEEKLY U.S COAL OUTPUT FALLS 1.7% W-W; 7.9% Y-Y
COALspot.com – United States the world's one of the largest coal producers, produced approximately totaled an estimated 18.2 million ...
Thursday, 26 March 15
CHINA IRON ORE IMPORT FOR THE FIRST 2 MONTHS DECLINED BY 1.2 % Y-O-Y; PANAMAX AUSSIE/CHINA ROUNDS BEING FIXED IN THE $4 -5K RANGE - FEARNLEYS
Handy
There has been more activity in both hemispheres this week. Especially the USG market has picked up with more cargoes for prompter dates en ...
Thursday, 26 March 15
RATES FOR THE SMALLER SIZE SEGMENT CONTINUED TO IMPROVE LAST WEEK - INTERMODAL
To see green across the board is a rare occurrence in the Dry Bulk market nowadays and while the upside in which last week closed off is not of the ...
Thursday, 26 March 15
KYUSHU ELECTRIC POWER OF JAPAN HAS JOINED GLOBALCOAL ONLINE COAL TRADING PLATFORM
globalCOAL® announced today that Kyushu Electric Power, one of Japan’s largest utility companies, has joined its online coal trading plat ...
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- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
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