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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 $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 05 March 15
BUKIT ASAM BOOKED US$ 1 BILLION REVENUE IN 2014
COALspot.com: Indonesian publicly listed and state owned coal miner PT. Bukit Asam, has announced that, the revenue of the company for the period J ...
Wednesday, 04 March 15
AN AGENDA FOR CHANGE - FITCH INDONESIA CONFERENCE
Fitch Indonesia Conference - 5 March 2015
Fitch Ratings will host its annual Indonesia conference on 5 March 2015.
The theme of this year ...
Wednesday, 04 March 15
KEEP CALM AND INVEST IN DRY - THEODORE NTALAKOS
Keep Calm and Carry On was originally a motivational poster, intended to raise the morale of the British public, produced by the British government ...
Tuesday, 03 March 15
INDONESIAN COAL EXPORT VOLUME TO DECLINE 50% BY 2019
COALspot.com: The Indonesian government is planning to reduce coal export volume by 50% within the next five years while keeping its coal productio ...
Tuesday, 03 March 15
INDIAN THERMAL COAL IMPORTS: STEAMING FORWARD - CLARKSONS
Coal-fired power stations comprise around 60% of India’s power output, and with domestic supply issues and favourable international coal pric ...
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- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Planning Commission, India
- The University of Queensland
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- White Energy Company Limited
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Bhatia International Limited - India
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