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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 $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 16 December 14
THIS PRICE IS A STEAL - EVA TZIMA
COALspot.com: Despite concerns that the slowdown of the Chinese economy would affect imports of iron ore, it seems that this has not been the case ...
Tuesday, 16 December 14
FOB RICHARDS BAY COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT US$ 65.60 PMT
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 0.18 (-0.27%) month on month ...
Tuesday, 16 December 14
SUB-BIT FOB INDONESIA COAL SWAP CONTINUES ITS FALL
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 1.7 ...
Monday, 15 December 14
WILL TANKERS BENEFIT FROM REEMERGENCE OF FLOATING STORAGE PLAYS? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The tanker market has been seeing high freight rates for some time now, riding on the back of low oil prices, which are boosting demand from develo ...
Monday, 15 December 14
INDONESIAN COAL PRICE REFERENCE CRASHES THROUGH $65
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in December. HBA for t ...
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- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- The University of Queensland
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Mercator Lines Limited - India
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Minerals Council of Australia
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
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