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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 $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 10 March 15
FOB NEWCASTLE COAL SWAPS HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 0.24 per MT (-0.47%) month over month and US$ 1.52 (-2.93%) we ...
Tuesday, 10 March 15
CFR SOUTH CHINA POWER-STATION COAL SWAPS DECLINE
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery fell US$ 0.42 (-0.74%) per MT month over month and declined US$ 1.00 &nbs ...
Monday, 09 March 15
INDONESIA GREETS INDIA RATE CUT AS GOOD FOR EXPORTS - GLOBEASIA
Indonesian commodity producers and economists have hailed the Indian central bank’s rate cut as good for boosting exports from Southeast Asia ...
Monday, 09 March 15
CHINA'S SUPREME COURT ISSUES NEW JUDICIAL INTERPRETATION ON SHIP ARREST AND JUDICIAL SALE OF SHIPS - GARD
KNOWLEDGE TO ELEVATE
China is not traditionally a popular jurisdiction for ship arrest. However, Members and clients with ships calling at por ...
Monday, 09 March 15
CHINA'S IMPORTS - NEVER MORE IMPORTANT TO SHIPPING? - CLARKSONS
Over the last 15 years China has led maritime forecasters a right old dance. In 2002, rumours that Chinese iron ore imports were about to take off ...
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- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
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