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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 $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 12 February 15
INDONESIAN COAL PRICE REFERENCE INCHED DOWN 1.44% IN FEBRUARY
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 62.92 pe ...
Thursday, 12 February 15
NEWBUILDING ORDERING ACTIVITY DRAGS ON, AS OWNERS ARE LOOKING FOR LOWER PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners appear to be waiting for lower prices in their dealings with Asian shipyards, as the dry bulk market is at historical lows. According t ...
Wednesday, 11 February 15
DRY BULK MARKET REMAINED UNDER PRESSURE : STABILIZING CAPE MARKET HARDLY HELPED SENTIMENT
COALspot.com: The Dry Bulk market remained under pressure last week, while the stabilizing Cape market hardly helped sentiment.
Greece based s ...
Wednesday, 11 February 15
BDI HITTING THE ALL-TIME LOW; FFA MARKETS NOT SHOWING ANY POSITIVE SIGNS
With the BDI hitting the all-time low and with FFA markets not showing any positive signs for a possible recovery in the near future, pessimism is ...
Tuesday, 10 February 15
IRON ORE MARKET TO REMAIN OVERSUPPLIED IN 2015: PRICE FORECAST $70/T - WOOD MACKENZIE
COALspot.com: With January witnessing the price of iron ore falling to its lowest levels since May 2009, Roger Emslie, Principal Metals & ...
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- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- The University of Queensland
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Planning Commission, India
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
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