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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, 17 February 15
Q2' FOB RICHARDS BAY COAL SWAP CLOSED AT $63.45; $ 1.85 HIGHER COMPARED TO Q4 CLOSING
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month, week on week and day on day.
The Q2 swap has ...
Monday, 16 February 15
COAL MINING SLUMP A BLESSING IN DISGUISE - THE JAKARTA POST
The growth of the coal-mining industry, which has diminished in the last two years, is expected to slump even further this year following weakening ...
Monday, 16 February 15
FOB NEWCASTLE COAL SWAPS SURGE WEEK ON WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 1.31 per MT (+2.59%) week over week and US$ 4.35 (+9.13%) month on ...
Monday, 16 February 15
Q2' 15 - CFR SOUTH CHINA COAL SWAP ROSE 5.22% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 2.88 (+5.22%) per MT month over month and US$ 1.08 (+1.90% ...
Sunday, 15 February 15
BALTIC DRY INDEX CONTINUALLY DIPPED IN RED
COALspot.com: The Baltic Dry Index continues its decline and fell 5.18 pct to 530 points week on week due to falling commodity prices and declining ...
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- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- The University of Queensland
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
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