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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, 18 January 15
INDONESIA TO INDIA SUPRAMAX FREIGHT RATES ARE EXPECTED TO REMAIN WEAK NEXT WEEK
COALspot.com: The BDI was up 4.51 pct week on week on Friday 16, January 2015. The BDI closed at 741 points on this Friday after gaining arou ...
Friday, 16 January 15
U.S. WEEKLY COAL PRODUCTION UP 7.3% W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
Thursday, 15 January 15
PANAMAX : MARKET CONTINUE ON LOW PACE - FEARNLEYS
Handy
On a general basis we can say that rates are softening in both hemispheres. Although for some specific trades we can see premiums being ach ...
Thursday, 15 January 15
LOW CASH COSTS, GOOD LIQUIDITY HELP ASIAN OIL COMPANIES IN PRICE ROUT - FITCH
Fitch Ratings says that rated oil and gas production companies in Asia can comfortably operate under low oil prices for some time given their gener ...
Wednesday, 14 January 15
DRY BULK MARKET NOTED ANOTHER WEEKLY DECLINE - INTERMODAL
COALspot.com: The Dry bulk market noted another weekly decline on Friday, with the performance of the Capesize market still weighing down on the re ...
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- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
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