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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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Friday, 30 January 15
CAN BULKER CONVERSIONS SPOIL THE TANKER MARKET'S PARTY? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Oversupply of tonnage has always been in the back of the head of ship owners when it comes to taking advantage of favorable market conditions. As s ...
Thursday, 29 January 15
CHINA ENERGY DEMAND MUST BE REVIEWED DUE TO FUNDAMENTAL ECONOMIC CHANGES - WOOD MACKENZIE
New patterns emerging as energy demand growth decoupled significantly from GDP growth for the first time in 2014
Wood Mackenzie says 2014 was ...
Thursday, 29 January 15
CAPE MARKET IS STILL STRUGGLING WITH LOW DEMAND AND LOW COMMODITY PRICES
Handy
Supramax rates are heading south with slipping rates all across the block. USG activity is slow with mid-week levels in the mid 8.000s, Fea ...
Wednesday, 28 January 15
MARKET INSIGHT - STELIOS KOLLINTZAS
With most traders having returned to action from year end festivities, we have already seen signs of activity in the specialized product markets. L ...
Wednesday, 28 January 15
CAPES CONTINUED THEIR UPWARD MOVEMENT LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market displayed a mirror performance of that of the week prior, with the Capesize market correcting further upwards and ...
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- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- White Energy Company Limited
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Planning Commission, India
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Siam City Cement - Thailand
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
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