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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, 25 January 15
PANAMAX FREIGHT RATES STILL FALLING
COALspot.com: The BDI was slightly down this week to 720 points. The BDI lost 2.83 pct week on week.
The cape index continued its upward trend ...
Friday, 23 January 15
U.S. WEEKLY COAL PRODUCTION FOR WEEK ENDING JAN. 17 UP 2.5%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.4 million short tons (mmst) of coal ...
Thursday, 22 January 15
PANAMAX: A SOFTER TONE AND OVERALL A SLUGGISH MARKET - FEARNLEYS
Handy
The handy and supra market has experienced yet another week with slow activity and softening rates in both hemispheres, broker Fearnleys AS ...
Thursday, 22 January 15
BUMI RESOURCES POSTS NET INCOME OF $13.3 MILLION 9M-2014
COALspot.com: Bumi Resources, Indonesia’s largest coal miner, reported today that, the company has recorded a net income of $13.3 million for ...
Wednesday, 21 January 15
PANAMAX MARKET MOVED SIDEWAYS OVERALL LAST WEEK - INTERMODAL
COALspot.com: The positive sentiment in which the week prior ended carried on through-out last week as well, the end of which marked the first posi ...
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- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- The University of Queensland
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
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