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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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Wednesday, 25 February 15
PORT OF NEWCASTLE SHIPPED 13.16MT OF COAL IN JANUARY; DECLINED 16.70% FROM A MONTH AGO
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.15 billio ...
Wednesday, 25 February 15
BDI SLIPPING ONCE MORE TO FRESH HISTORICAL LOWS
COALspot.com: With the BDI slipping once more to fresh historical lows and the Chinese holidays underway, signs for a positive reversal in the Dry ...
Tuesday, 24 February 15
FOB INDONESIA COAL SWAP SET TO RALLY
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap increased US$ 3.30 (+7.30%) ...
Tuesday, 24 February 15
Q3' FOB RICHARDS BAY COAL SWAP CLOSED $59.80 W/E 20 FEB
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and decline week on week.
The Q2 swap has soar ...
Tuesday, 24 February 15
IHS ENERGY COAL CONFERENCE OF THE AMERICAS
Attend the IHS Energy Coal Conference of the Americas 17-19 March in Cartagena, Colombia and learn about timely concerns in today's coal indust ...
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- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- White Energy Company Limited
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- The University of Queensland
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
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