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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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Sunday, 08 February 15
BDI FELL CONTINUOUSLY HIT A THREE DECADES LOW
COALspot.com: This week Baltic Exchange Dry Freight Index (BDI) fell continuously hit a three decades low.
The BDI continuously fell and was d ...
Friday, 06 February 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 1.1% FROM LAST WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 20.1 million short tons (mmst) of coal ...
Friday, 06 February 15
SHIP DAMAGED BY FIRE CAUSED BY PIRATES FOUND TO BE CONSTRUCTIVE TOTAL LOSS - TAYLOR WESSING
KNOWLEDGE TO ELEVATE
The High Court was asked to determine a number of preliminary issues, including whether a vessel was a constructive total ...
Thursday, 05 February 15
BDI HAS NOW FALLEN A LEVEL CLOSE TO THE INDEX'S HISTORIC LOW - INTERMODAL
They say a picture is worth a thousand words and in this instance just one look at the tables above is enough to understand the great pressure the ...
Thursday, 05 February 15
ULTRAMAX LEVELS FROM INDIA TO CHINA IN THE MID US$ 5000'S - FEARNLEYS AS
Handy
Despite the overall weak sentiment, there is a scent of optimism in the Atlantic market for ppt dates. Continent is still struggling with o ...
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- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Economic Council, Georgia
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
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