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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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Monday, 05 January 15
FIVE ENERGY SURPRISES FOR 2015: THE POSSIBLE AND THE IMPROBABLE - KURT COBB
The coming year is likely to be as full of surprises in the field of energy as 2014 was. We just don't know which surprises! I am not predictin ...
Monday, 05 January 15
THE SHIPPING MARKET IN 2014 AND LOOKING FORWARD - BIMCO
2014 started with plenty of optimism for a considerably better global economy and an improved shipping market. Things turned out somewhat different ...
Monday, 05 January 15
API 5 FOB NEWCASTLE COAL SWAP FOR Q1'15 DELIVERY CLOSED US$ 0.45 HIGHER COMPARED TO Q2'15 CLOSING
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 0.60 per MT (-1.15%) month over month and gained US$ 0.02 (+0.04%) ...
Sunday, 04 January 15
BALTIC DRY INDEX CONTINUES ITS DECLINE IN 2015
Wish you all a very Happy New Year 2015. The last report was dated 19th Dec 2014 and due to Christmas and new year holidays no reports were publish ...
Saturday, 03 January 15
U.S WEEKLY COAL PRODUCTION FELL 11.2% TO 17.6 MMST WEEK OVER WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.6 million short tons (mmst) of coal ...
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- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Posco Energy - South Korea
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- The University of Queensland
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
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