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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, 23 December 14
SHIPOWNERS ARE FINALIZING MORE DEALS AS YEAR END COMES CLOSER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS WORLDWIDE
With the 2014 year just a few days before waving goodbye, shipowners are looking to close their pending deals in both the newbuilding and S&P m ...
Monday, 22 December 14
Q2'15 CFR SOUTH CHINA COAL SWAP CLOSED $ 0.30 LOWER THAN Q1'15 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.67 (-5.81%) month over month and US$ 0.35 (-0.58%) ...
Monday, 22 December 14
API 5 FOB NEWCASTLE COAL SWAPS ARE HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.71 per MT (-3.24%) and closed at US$ 51.02 on 19 December month ...
Sunday, 21 December 14
PANAMAX COAL FREIGHT FROM INDONESIA TO INDIA FALLS FURTHER
COALspot.com: The BDI continued its fall as cape index lost heavily week on week.
The BDI was down 6.95 percent week over week and closed at 8 ...
Friday, 19 December 14
HOW WILL LOWER BUNKER PRICES AFFECT THE SUBSTANTIAL OVERCAPACITY IN DRY BULK MARKET? - BIMCO
As bunker fuel costs have come down from USD 600 per tonnes to USD 330 per tonnes in the past 6 months, much talk about increased ship speed have s ...
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- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Minerals Council of Australia
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- White Energy Company Limited
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- PTC India Limited - India
- Parliament of New Zealand
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
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