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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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Monday, 23 March 15
SEABORNE WORLD COAL TRADE: GROWTH +5% - GERMAN COAL IMPORTER ASSOCIATION
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Sunday, 22 March 15
DRY BULK RATES CONTINUED TO RISE THIS WEEK
COALspot.com: The freight market was steady this week as all the segments increased after many weeks of weak trend.
The Baltic Dry Index (BDI) ...
Friday, 20 March 15
HARD COAL MARKET 2014: DESPITE THE ENERGY TURNAROUND, HARD COAL IMPORTS TO GERMANY RISE BY MORE THAN 6% (PART 1)
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Friday, 20 March 15
U.S. WEEKLY COAL PRODUCTION SHOWS 5.9% INCREASE WEEK OVER WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.5 million short tons (mmst) of coal ...
Thursday, 19 March 15
HANDY: INDO COAL CARGOS DESTINED FOR INDIA BEING FIXED IN REGION OF $ 7-8K - FEARNLEYS
Handy
The Handy and Supra market has had a week with mixed signals. Although we see more activity in both hemispheres the rates are only up about ...
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- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Parliament of New Zealand
- Planning Commission, India
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Deloitte Consulting - India
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