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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, 11 January 15
BDI DECLINED 8% ON WEEK; BCI LOST 31%
COALspot.com: The BDI continued its decline in the first week of this year or lost 8 pct week over week. The BDI was closed at 709 points whi ...
Friday, 09 January 15
U.S. EASTERN SPOT STEAM COAL PRICES FELL IN 2014; ROSE IN WEST - EIA
U.S. Eastern spot steam coal prices declined in 2014 compared to 2013 levels because of a decline in steam coal exports.
According to U.S. Ene ...
Friday, 09 January 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 2.2% Y-O-Y
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.6 million short tons (mmst) of coal ...
Thursday, 08 January 15
INDONESIA PRESSES ON WITH HIGHER COAL ROYALTY FEE TO BOOST STATE REVENUE - JG
The Indonesian government is pressing on with its plan to raise the royalty charged to coal miners in order to increase state revenue, but the move ...
Wednesday, 07 January 15
FUEL EFFICIENT SHIPS MAKE LESS SENSE IN LOWER BUNKER PRICE MARKET, BUT FUEL COSTS ARE BOUND TO RISE AGAIN
The shipping industry entered 2015 on mixed emotions, as a relatively buoyant tanker market is met by a rather lackluster dry bulk market. Still, a ...
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- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Indogreen Group - Indonesia
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