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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 $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 02 February 15
API 8 CFR SOUTH CHINA COAL SWAP PICKS UP W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.81 (-1.36%) per MT month over month and gained US$ 0.18&nb ...
Monday, 02 February 15
SOUTH KOREA'S KOMIPO INVITES BIDS FOR 280K MT OF SUB-BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 280,000 MT of Sub-bituminous coal coa ...
Sunday, 01 February 15
INDONESIA-TO-INDIA COAL FREIGHT RATES REMAIN WEAK NEXT WEEK
COALspot.com: The BDI continued its fall reached lowest levels since 1986 this week.
The BDI declined 15.55 pct to 608 points on Friday 30, Ja ...
Friday, 30 January 15
CONTANGO AND TANKERS - SKULD
KNOWLEDGE TO ELEVATE
Like an invitation to a dance, the word contango may have some people flustered, but for tanker owners this market phenome ...
Friday, 30 January 15
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED 65.7 MMST
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.9 million short tons (mmst) of coal ...
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- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
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