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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, 03 March 15
Q4' FOB INDONESIA COAL SWAP CLOSED 2% LOWER COMPARED TO Q2 CLOSING PRICE OF $ 47.47
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose month on month and declined week over week.
The Q2 swap increased US$ 2.24 ...
Tuesday, 03 March 15
FOB RICHARDS BAY COAL SWAPS: Q2 UP 9.60%; Q3 UP 9.75% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and week on week.
The Q2 swap has soared US$ 5 ...
Monday, 02 March 15
CFR SOUTH CHINA COAL SWAP FOR Q2 DELIVERY REACHED $ 57.50 PMT W/E 27 FEB 2015
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 1.37 (+2.44%) per MT month over month and declined US$ 0.42 ...
Monday, 02 March 15
BORYEONG POWER PLANT OF KOMIPO TO IMPORT 140K OF SUB-BITUMINOUS COAL FOR Q2
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids from coal producers, marketing companies, or traders to supply of 140,000 (70 ...
Monday, 02 March 15
FOB NEWCASTLE COAL SWAP ROSE 6.89% MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 3.35 per MT (+6.89%) month over month and US$ 0.40 (0.78%) week on ...
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- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Planning Commission, India
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- White Energy Company Limited
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- CNBM International Corporation - China
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
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