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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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Saturday, 14 February 15
SHALE GAS AND TIGHT OIL ARE COMMERCIALLY PRODUCED IN JUST FOUR COUNTRIES - EIA
KNOWLEDGE TO ELEVATE
The United States, Canada, China, and Argentina are currently the only four countries in the world that are producing com ...
Friday, 13 February 15
U.S. WEEKLY COAL PRODUCTION SHOWS 10% DECLINE
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.1 million short tons (mmst) of coal ...
Friday, 13 February 15
SMALL AND MEDIUM-SIZED SHIP OWNERS SQUEEZED OUT OF THE MARKET ON CRASHING DRY BULK MARKET AND EUROZONE CRISIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Financing issues have started to tighten the noose in the throats of small and medium-size ship owners, who were already facing problems over the p ...
Thursday, 12 February 15
CAPESIZE: THE BEST DESCRIPTION FOR THE MARKET IS, FLAT - FEARNRESEARCH
Handy
The handy and supra market is also being affected by the marginal volume of activity in the commodity sales. We see a small upturn in the T ...
Thursday, 12 February 15
DRY BULK OWNERS SCRAP MORE VESSELS, AS MARKET REACHES HISTORICAL LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has reached historical lows this week, with the Baltic Dry Index (BDI) now trading at levels below operating expense levels for ...
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- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- CNBM International Corporation - China
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
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