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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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Friday, 26 December 14
SHIPS FACE LOWER SULPHUR FUEL REQUIREMENTS IN EMISSION CONTROL AREAS FROM 1 JANUARY 2015 - IMO
Ships trading in designated emission control areas will have to use on board fuel oil with a sulphur content of no more than 0.10% from 1 January 2 ...
Wednesday, 24 December 14
CAPE DEMAND WAS STILL EXTREMELY SOFT THIS PAST WEEK ACROSS BOTH BASINS - INTERMODAL
COALspot.com: The performance of the Dry Bulk market, which found itself in desperate search of support for yet another week, has left very little ...
Wednesday, 24 December 14
MARKET INSIGHT - JOHN N. COTZIAS, INTERMODAL SNP BROKER
The year is coming to an end, and we should be able to assess if this was a good year, a bad year, or even a lousy one? The answer clearly de ...
Tuesday, 23 December 14
Q1'15 FOB INDONESIA COAL SWAP GAINED 48 CENTS IN ONE WEEK
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and gained week over week and day on day.
The Q1 swap has lo ...
Tuesday, 23 December 14
Q4'15 FOB RICHARDS BAY COAL SWAPS FALL $ 3.85 IN A MONTH
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 2.13 (-3.17%) month on month ...
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- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- ASAPP Information Group - India
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
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