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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 $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 23 February 15
Q2' CFR SOUTH CHINA COAL SWAP FOR Q2 ROSE 3.39% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 1.90 (+3.39%) per MT month over month and declined US$ 0.08 ...
Monday, 23 February 15
Q2' API 5 FOB NEWCASTLE COAL SWAP CLOSED $1 HIGHER THAN Q3
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 3.12 per MT (+6.44%) month over month and fall US$ 0.43 (-0.83%) w ...
Sunday, 22 February 15
THE BALTIC DRY INDEX LOST ALMOST 3.2% OR 17 POINTS WEEK ON WEEK
COALspot.com: The Baltic Dry Index, one of the economic indicators that monitors the health of the world's economy by tracking the price of shi ...
Friday, 20 February 15
GOVT SET TO INCREASE COAL OUTPUT TARGET THIS YEAR - JAKARTA POST
The Energy and Mineral Resources Ministry is planning to increase its coal output target this year as the government seeks to offset the ongoing de ...
Friday, 20 February 15
U.S. PRODUCED AROUND 19.2 MILLION SHORT TONS OF COAL WEEK ON WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.2 million short tons (mmst) of coal ...
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- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Planning Commission, India
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
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