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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, 24 March 15
RICHARDS BAY COAL SWAP FOR DELIVERY Q2 CLOSED $ 1.87 HIGHER COMPARED TO Q3 CLOSING PRICE
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has dropped U ...
Tuesday, 24 March 15
ARGUS MEDITERRANEAN SOLID FUELS 2015 CONFERENCE | 2-3 JUNE, ISTANBUL
Press Release: Argus Media is proud to announce Argus Mediterranean Solid Fuels, which will be held in Istanbul,on 2-3February.
Argus produces ...
Monday, 23 March 15
IS OIL GETTING READY TO PLUNGE BELOW $40? - FORBES
KNOWLEDGE TO ELEVATE
In my last crude oil market update in late-February, I expressed my skepticism toward the oil price rebound. Since then, ...
Monday, 23 March 15
Q4' 2015 FOB NEWCASTLE COAL SWAPS DECLINED 6.79% M-O-M; 2.55% W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.42 per MT (-6.33%) month over month and US$ 1.37 (-2.77%) we ...
Monday, 23 March 15
CFR SOUTH CHINA COAL SWAP: Q3 DELIVERY HAS FALLEN 7.93% MONTH-ON-MONTH
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.09 (-7.06%) per MT month over month and US$ 2.00 (-3 ...
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- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Medco Energi Mining Internasional
- The University of Queensland
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
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