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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, 19 February 15
PANAMAX: NOPAC AND AUSSIE ROUNDS ARE DONE IN LOW/MID $ 4000; TRIPS VIA INDONESIA TO INDIA CLOSER TO THE $5000 MARK - FEARNLEYS
Handy
The handy and supra market has not seen any firming rates in front of the Chinese New Year and still suffering on low activity in both hemi ...
Wednesday, 18 February 15
DRY BULK SHIPPING TO RECOVER IN LATE 2015 - DREWRY MARITIME RESEARCH
Strong trade growth, moderating fleet development and deployment of new fuel efficient vessels are expected to lead to a recovery in dry bulk shipp ...
Tuesday, 17 February 15
WHO PAYS THE SUEZ CANAL FEES? - INCE & CO
KNOWLEDGE TO ELEVATE
This was an appeal from an arbitration award on a point of construction in relation to the wording of an addendum to a ch ...
Tuesday, 17 February 15
BUOYANT WAVES IN RECENT YEARS: GLOBAL SHIP INVESTMENT SINCE THE CRASH - HELLENIC SHIPPING NEWS
Anxiety about fleet expansion is a recurring feature of world shipping markets. Within the global maritime community, worries about the vast amount ...
Tuesday, 17 February 15
FOB SUB-BIT INDONESIA COAL SWAP UP 8% MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap up US$ 3.58 (+8.00%) month o ...
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- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Videocon Industries ltd - India
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Planning Commission, India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- PTC India Limited - India
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Australian Coal Association
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
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