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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, 01 March 15
BDI INDEX SLIGHTLY UP CAUSED AN INCREASE IN THE PANAMAX, SUPARAMAX AND HANDY SIZE INDICES
COALspot.com: The freight market saw some gains this week and BDI was up 5.26 pct closed at 540 points. However the Cape index failed to follow BDI ...
Friday, 27 February 15
WEEKLY US COAL PRODUCTION DOWN AN ESTIMATED 14.0% FROM LAST WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 16.5 million short tons (mmst) of coal ...
Thursday, 26 February 15
DRY BULK MARKET COULD REBOUND FROM HISTORICAL LOWS IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market could exit from its historical lows in the coming weeks, as Chinese buyers reenter the market after the holiday celebrations. T ...
Thursday, 26 February 15
COAL POLICY RISK: HIGHER ROYALTIES FOR IUP HOLDERS - BAHANA SECURITIES | JAKARTA POST
The Energy and Mineral Resources Ministry plans to raise coal royalties charged to mining operation permit (IUP) holders by the end of the first qu ...
Thursday, 26 February 15
DRY BULK MARKET LOOKING FOR POSITIVE MOMENTUM, BUT PROSPECTS REMAIN DIM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the Baltic Dry Index (BDI) inched a bit higher over the past couple of sessions and the Chinese are returning to the market after a week long hi ...
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- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
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