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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 $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 17 March 15
GAS TO CHALLENGE COAL IN THE ASIAN POWER GENERATION MIX - WOOD MACKENZIE
KNOWLEDGE TO ELEVATE
Wood Mackenzie says that coal is facing increasing competition from gas in the power sector. Coal has dominated as the fu ...
Tuesday, 17 March 15
RIO TINTO PAID US$ 7.1 BILLION IN TAXES IN 2014
COALspot.com: Rio Tinto has published its latest Taxes paid report, detailing the US$7.1 billion in taxes paid by the company around the world in 2 ...
Tuesday, 17 March 15
NEARLY 17% OF US COAL PRODUCTION UNECONOMIC AT CURRENT MARKET PRICING - WOOD MACKENZIE
COALspot.com: Close to 17% of forecast 2015 US coal production is at risk of idling or closure, totalling 162 million short tons (Mst), as these mi ...
Tuesday, 17 March 15
Q3' SA COAL SWAP CLOSED $57.30 PMT W/E 13 MARCH
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and gained week on week.
The Q2 swap has fe ...
Monday, 16 March 15
MAKING THE WORLD GO ROUND - SEABORNE TRADE! - CLARKSONS
Money, or even love if you prefer, are claimed to make the world go round. For the shipping world, however, it’s trade that sets things spinn ...
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- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Australian Coal Association
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
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