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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 $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 19 March 15
INDONESIAN COAL BENCHMARK SOAR 7.69% IN MARCH....!!!
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised up Indonesian coal benchmark prices to US$ 67.76 per MT in March ...
Wednesday, 18 March 15
AVERAGE RATE FOR CAPES MOVED TO BELOW $ 4K/DAY LAST WEEK - INTERMODAL
COALspot.com: The even heavier losses noted in the Capesize segment last week, denied the Dry Bulk market a third weekly positive, while the smalle ...
Wednesday, 18 March 15
PARKING THE CAPES - LINOS KOGEVINAS
It is no secret that recent times have been anything but kind towards shipping, and no sector has suffered more lately than the dry bulk one. While ...
Wednesday, 18 March 15
CHINA-OWNED SHIPS: A RAPID RISE TO BECOME ONE OF THE WORLD'S LARGEST FLEETS - RICHARD SCOTT
Ships operated by owners based in China have become increasingly prominent on the world’s sea routes. China-owned container ships, bulk carri ...
Wednesday, 18 March 15
Q2 INDONESIAN COAL SWAP DROP 1.45% M-O-M; GAIN 0.63% W-O-W
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and gained week over week.
The Q2 swap fell US$ 0.70 (1.45%) ...
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- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- PTC India Limited - India
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Australian Coal Association
- Altura Mining Limited, Indonesia
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
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