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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, 07 January 15
2015 IS RIDDLED WITH CHALLENGES FOR THE SHIPPING SECTOR, MOST NOTABLY THE DRY BULK MARKET - HELLENIC SHIPPING NEWS
As the new year has now set foot for real, many are still looking to detect what’s in store for the various shipping markets, with the first ...
Tuesday, 06 January 15
SHIPPING MUST ADOPT CAN-DO ATTITUDE IN 2015 - MOORE STEPHENS
Shipping needs to adopt a can-do attitude in order to successfully meet the challenges which are likely to come its way in 2015.
Shipping part ...
Tuesday, 06 January 15
Q4' 15 FOB INDONESIA COAL SWAP CLOSED 1.81% HIGHER COMPARED TO Q1' 15 CLOSING
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 0.74 (-1.51%) m ...
Tuesday, 06 January 15
FOB RICHARDS BAY COAL SWAPS LOST W-O-W AND M-O-M, SGX DATA SHOWS
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 3.52 (-5. ...
Monday, 05 January 15
CFR SOUTH CHINA COAL SWAPS GAINED WEEK OVER WEEK, SGX DATA SHOWS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 2.50 (-4.02%) month over month and gained US$ 0.20 ( ...
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- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Parliament of New Zealand
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