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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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Wednesday, 11 March 15
DRY BULK MARKET CLOSED OFF ON THE GREEN FOR A SECOND WEEK IN A ROW - INTERMODAL
COALspot.com: The Dry Bulk market closed off on the green for a second week in a row, while the performance of Capesizes hindered a more substantia ...
Wednesday, 11 March 15
MARKET INSIGHT : NEWBUILDINGS - PANOS TSILINGIRIS
From a cost-based, buy-low perspective, there is currently a buying opportunity in the second-hand dry bulk market. I am an anti-cyclical (buy-low) ...
Wednesday, 11 March 15
DRY BULK MARKET: ALL IS NOT LOST FOR A RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The low cost of commodities across the board could trigger an increase of trade among many countries, which in turn could lead to a recovery of the ...
Wednesday, 11 March 15
U.S. ELECTRIC GENERATING COMPANIES TO ADD MORE THAN 20 GW OF GENERATING CAPACITY IN 2015; 16 GW OF GENERATING CAPACITY IS EXPECTED TO RETIRE IN 2015
COALspot.com: In 2015, electric generating companies in U.S. expect to add more than 20 gigawatts (GW) of utility-scale generating capacity to the ...
Tuesday, 10 March 15
OIL PRICE FORECASTING - IGNORE THE EXPERTS: COLIN MARSHALL
KNOWLEDGE TO ELEVATE
Experts put themselves on a pedestal, making claims to have special forecasting abilities for oil price trends. They, too ...
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- VISA Power Limited - India
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- The University of Queensland
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Eastern Coal Council - USA
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