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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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Tuesday, 30 December 14
U.S WEEKLY COAL PRODUCTION ALMOST FLAT AT -0.2%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Monday, 29 December 14
CHINESE COAL IMPORTS: REGULATORY RISKS? - CLARKSONS
In recent years, Chinese seaborne coal imports have surged, registering average growth of 67% p.a. between 2009 and 2013 to total 265mt. However, t ...
Monday, 29 December 14
BULK MARKET ENDS YEAR ON SOUR NOTE, SHIPBROKER SEES 'BUMPY ROAD AHEAD' - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
2014 was supposed to be the year that the dry bulk market would stage a comeback and a sustainable one for that matter. However, while for the most ...
Monday, 29 December 14
Q1'15 CFR SOUTH CHINA COAL SWAP CLOSED AT $59.42
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.51 (-5.58%) month over month and US$ 0.08 (-0.13%) ...
Monday, 29 December 14
SGX'S FOB NEWCASTLE COAL SWAPS IMPROVED W-O-W, LOST M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.44 per MT (-2.73%) month over month and gained US$ 0.36 (+0.71%) ...
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- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- The University of Queensland
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Australian Coal Association
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
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