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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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Friday, 13 March 15
ADARO RECORDED A 7% INCREASE IN EBITDA OF $877 MILLION IN 2014
“Coal market continues to be difficult and challenging” – Adaro Energy
The world’s Top 5 thermal coal exporter, ...
Thursday, 12 March 15
CAPESIZE : ACTIVITY IS LOW; PANAMAX: BIT MORE ACTIVITY; HANDY: A FIRMING WEEK
Handy
It has been a firming week in both hemispheres this week and especially in the Pacific, says Fearnleys AS in its week's week report.
...
Thursday, 12 March 15
COAL MINERS REMAIN UNDER PRESSURE AS GLUT CONTINUES - THE JAKARTA POST
Indonesia’s major coal miners reported a significant drop in their earnings last year as the sharp drop in the global demand, mainly from Chi ...
Thursday, 12 March 15
FOB INDONESIA COAL SWAP DROP TO $47.33 A TON IN THE WEEK ENDED MAR.6
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 0.37 (0.78%) month ...
Wednesday, 11 March 15
RICHARDS BAY COAL SWAPS DROP $ 3.65 - 4.0/T W-O-W
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 fell US$ ...
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- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
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