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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 $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 16 March 15
API 5 FOB NEWCASTLE COAL SWAPS: DECLINED
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 2.48 per MT (-4.77%) month over month and US$ 0.93 (-1.84%) we ...
Monday, 16 March 15
CFR SOUTH CHINA THERMAL COAL SWAP DECLINED 3.74% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 2.17 (-3.74%) per MT month over month and US$ 0.67 (-1 ...
Sunday, 15 March 15
BDI DECLINED LESSER THAN 1% WEEK OVER WEEK; INDO-INDIA FIRM
COALspot.com: The most of indices, including bulk dry index were falling this week. The BDI has been down by just 0.53 points and closing at 562 po ...
Saturday, 14 March 15
CAPESIZE DRY BULKERS TO AVERAGE BETWEEN $3,000 AND $9,000/DAY IN THE COMING WEEKS SAYS BIMCO
BIMCO issued its latest short-term estimates for the dry bulk market. For March/May: BIMCO assesses that the Capesize time charter (T/C) average ra ...
Friday, 13 March 15
U.S. COAL PRODUCTION UP 2.3% WEEK OVER WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.5 million short tons (mmst) of coal ...
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- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Economic Council, Georgia
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
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