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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, 21 January 15
SHIFT IN INTERNATIONAL COAL TRADE TO THE PACIFIC BASIN WILL CONTINUE - IMF
COALspot.com: The shift in international coal trade to the Pacific Basin will continue, IMF said in its latest Medium-Term Coal Market Report.
...
Wednesday, 21 January 15
MARKET INSIGHT - VASSILIS LOGOTHETIS, INTERMODAL
The World Bank has lowered its forecast for global growth in 2015 to 3% down from its previous level of 3.4% amid rising concerns over the economic ...
Wednesday, 21 January 15
THERMAL COAL PRICE OUTLOOK DEPENDENT ON INDIAN IMPORT DEMAND - MATTHEW BOYLE, CRU
COALspot.com: Supply and demand side developments in India will be an important determinant of future market dynamics and prices for thermal coal a ...
Wednesday, 21 January 15
PORT OF NEWCASTLE COAL EXPORTS JUMP 16.19% ON MONTH TO 15.80 MIL MT IN DECEMBER' 14
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.136 billi ...
Tuesday, 20 January 15
INDIA TO SURPASS THE UNITED STATES AND BECOME THE SECOND-LARGEST COAL CONSUMER IN THE WORLD BY 2019 - IMF
COALspot.com: In 2013, coal added more primary energy than any other fuel and was the fastest-growing fossil fuel, enhancing its position as the se ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
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