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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 $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 10 February 15
SUB-BIT FOB INDONESIA COAL SWAP ADVANCES 3.79% WEEK ON WEEK
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap up US$ 0.85 (+1.81%) month o ...
Tuesday, 10 February 15
FOB NEWCASTLE COAL SWAPS SURGE WEEK OVER WEEK, RAISING HOPES?
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 0.95 per MT (+1.91%) week over week and declined US$ 0.06 (-0.12%) ...
Monday, 09 February 15
AUSTRALIAN COAL PRODUCERS BEST POSITIONED IN OVERSUPPLIED MARKET; US MINES MOST AT RISK - WOOD MACKENZIE
In a 2015 global coal outlook report, Wood Mackenzie says that Australia and Indonesian coal suppliers will see some upside in the difficult months ...
Monday, 09 February 15
FOB RICHARDS BAY COAL SWAP GAINS 3.65% TO ONE-MONTH HIGH
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and day on day.
The Q2 swap has soared US$ 2.1 ...
Monday, 09 February 15
Q2' CFR SOUTH CHINA COAL SWAP DECLINED 3.28% TO $ 56.92 W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 1.93 (-3.28%) per MT month over month and US$ 0.10 (-0 ...
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- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Australian Coal Association
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- White Energy Company Limited
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
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