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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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Wednesday, 04 February 15
MARKET INSIGHT - LINOS KOGEVINAS
It has been just about over 2 months since, in a move that surprised many and caused widespread apprehension, OPEC decided to maintain its producti ...
Tuesday, 03 February 15
Q1'15 FOB INDONESIA COAL SWAP CLOSED $ 3.29 HIGHER COMPARED TO Q4'15 DELIVERY PRICE
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 rose week over week and month on month.
The Q1 swap up US$ 0.68 (+1.41%) month o ...
Tuesday, 03 February 15
FOB NEWCASTLE COAL SWAP FOR Q4 DELIVERY CLOSED 5.86% LOWER THAN Q1 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery rose US$ 0.26 per MT (+0.51%) week over week and declined US$ 0.02 (-0.04%) ...
Monday, 02 February 15
API 4 FOB RICHARDS BAY COAL SWAP ROSE WEEK OVER WEEK
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and day on day.
The Q1 swap has decli ...
Monday, 02 February 15
INDONESIA'S ADARO ENERGY PRODUCED 56.21 MILLION TONNES OF COAL IN 2014; UP 8% Y-O-Y
COALspot.com: PT. Adaro Energy, Indonesia’s largest coal producer, has increased coal production by 8% to 56.21 million tonnes (Mt) from both ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- The University of Queensland
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Australian Coal Association
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
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