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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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Wednesday, 25 March 15
MARKET INSIGHT: TANKER CHARTERING - KATERINA RESTIS
The 1st of January 2015, as broadly reported, denoted the beginning date of new and progressive emission regulations for vessels operating within t ...
Wednesday, 25 March 15
AUSTRALIA SET TO ONCE AGAIN BE THE WORLD'S LARGEST COAL EXPORTER - COAL, MINERALS COUNCIL OF AUSTRALIA
Greg Evans, Executive Director - Coal, Minerals Council of Australia
Media Release: The latest Resources and Energy Quarterly published by the ...
Wednesday, 25 March 15
AUSTRALIA UPSTREAM ENERGY FIRMS FACE RISING OIL PRICE EXPOSURE - FITCH
Fitch Ratings says the Australian oil and gas companies involved in exploration and production face higher exposure to oil price-linked revenues, w ...
Wednesday, 25 March 15
2014 : UK COAL IMPORTS DECLINED 17%; GERMANY COAL IMPORTS UP 6%
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Tuesday, 24 March 15
A WEAK WEEK FOR FOB INDONESIA COAL SWAP
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 2.48 (5.12%) month ...
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- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Australian Coal Association
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Parliament of New Zealand
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
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