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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, 27 January 15
Q1 FOB INDONESIA COAL SWAP CLOSED AT $ 47.87 FOR WEEK ENDING JAN. 23
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 gain week over week and declined month on month.
The Q1 swap has decline US$ 0.9 ...
Tuesday, 27 January 15
Q2 FOB NEWCASTLE COAL SWAP UP 4.5% W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery declined US$ 0.28 per MT (-0.54%) month over month and increased US$ 1.23 ( ...
Monday, 26 January 15
OVERSUPPLY, AMPLE STOCKPILES, AND LACKLUSTER UNDERLYING STEEL DEMAND KEPT COKING COAL PRICES LOW IN 2014
COALspot.com: Coking coal prices (FOB & CFR) fell 15% and 18% respectively during the year, amidst persistent oversupply, ample inventory and s ...
Monday, 26 January 15
FOB RICHARDS BAY Q2 COAL SWAP CLOSED LOWER THAN Q1 CLOSING
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 fell ...
Monday, 26 January 15
API 8 CFR SOUTH CHINA COAL SWAP CONTINUE TO SLIDE M-O-M; ROSE W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.79 (-1.33%) per MT month over month and gained US$ 2.10&nb ...
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- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- The University of Queensland
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Deloitte Consulting - India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
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