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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, 14 January 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
In Oil we trust! The Barrel price has declined by almost a third in comparison to the 2014 January and has being on the downhill since early last s ...
Wednesday, 14 January 15
COMMODITIES AREN'T PRIMED FOR A REBOUND DURING 2015: SHIPPING COULD BENEFIT FROM LOWER PRICES - ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In the recent past, higher commodity prices were driven by an increase in demand from developing countries, which spelled good news for ship owners ...
Wednesday, 14 January 15
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1 DELIVERY CLOSED AT US$ 46.97 PMT
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week.
The Q1 swap has fell US$ 1.53 (-3.15 ...
Wednesday, 14 January 15
Q4' 15 FOB NEWCASTLE COAL SWAP CLOSED 4.51% LOWER COMPARED TO Q1' 15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.56 per MT (-3.0%) month over month and US$ 1.03 (-2.0%) week ove ...
Tuesday, 13 January 15
MORE PITFALLS FOR OWNERS LOOKING TO TERMINATE FOR UNPAID HIRE - INCE & CO
KNOWLEDGE TO ELEVATE
It is a debatable point whether or not the obligation to pay hire under a time charter is a condition of the contract or ...
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- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
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