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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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Sunday, 08 March 15
FREIGHT RATES FROM INDONESIA TO INDIA IS TRENDING UP
COALspot.com: The freight market continued to see gains this week and all the indices were rose except for Cape index. The BDI was increased 4.62 p ...
Friday, 06 March 15
BALTIC DRY INDEX: IS THIS POWERFUL INDICATOR SIGNALING A GLOBAL RECESSION? - STREET AUTHORITY
Although memories of the Great Recession linger, a case can be made that better days lie ahead.
That’s because central banks around the ...
Friday, 06 March 15
U.S. WEEKLY COAL PRODUCTION ROSE 3.5% WEEK ON WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.1 million short tons (mmst) of coal ...
Thursday, 05 March 15
PANAMAX : THE ATLANTIC ROUND IS NOW PAYING AROUND US$ 5K PER DAY
COALspot.com: Handy - The activity in the handy/supra segment is back. “ We see more fresh cargo in the market for 2nd half March dates ...
Thursday, 05 March 15
INDIA WILL BE THE LARGEST DRIVER OF GLOBAL SEABORNE COKING COAL DEMAND GROWTH IN 2015 - WOOD MACKENZIE
Global demand growth will remain weak because of China’s negative demand growth.
COALspot.com: At Coaltrans India, Wood Mackenzie says I ...
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- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- MS Steel International - UAE
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Central Java Power - Indonesia
- The University of Queensland
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- White Energy Company Limited
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
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