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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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Thursday, 01 January 15
FOB RICHARDS BAY COAL SWAPS CLOSED AT $63.47 PMT ON 26 DEC, SGX DATA SHOWS
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 3.37 (-4. ...
Wednesday, 31 December 14
COASTAL ENERGEN (C&O) COMMENCES 1ST UNIT OF 1200 MW POWER PLANT IN INDIA
COALspot.com: Coastal Energen, part of the Coal & Oil Group, announced last week the commissioning and commencement of power production at the ...
Wednesday, 31 December 14
SUB-BIT INDONESIA COAL Q2' 15 DELIVERY SWAP CLOSED 1.03% LOWER COMPARED TO AVERAGE Q1' 15 DELIVERY PRICE - SGX
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and gained week over week.
The Q1 swap has lost US$ 1.35 (-2 ...
Tuesday, 30 December 14
SHIP PRICES KEEP ON FALLING, SALES COME EARLY FOR SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship prices keep on falling on the back of low freight rates. According to the latest report from shipbroker Allied Shipbroking, January sales seem ...
Tuesday, 30 December 14
INDIA INC TO BENEFIT AS IMPORTED COAL PRICES SET TO FALL - RAHUL PRITHIANI
The Hindu: India‘s coal import volumes are set to rise by over 30 per cent over the next two years to 214 million tonnes in 2015-16, as domes ...
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- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
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