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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, 10 April 15
US COAL PRODUCTION FELL 4.7% W-O-W : EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.4 million short ...
Friday, 10 April 15
DRY BULK MARKET'S DOWNFALL ALSO OFFER INVESTMENT BARGAINS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Dry bulk market rates have fallen to historical lows over the past few weeks, with no clear path of recovery, at least in the near term. As such, m ...
Thursday, 09 April 15
CAPESIZE: RATES ARE STILL DISAPPOINTING - FEARNLEYS
Handy
The handy market had a stronger sentiment before the Easter holidays, but have as the bigger panamaxes seen a softening tendency this week. ...
Wednesday, 08 April 15
DRY BULK MARKET SEEMS UNABLE TO CATCH A BREAK - INTERMODAL
COALspot.com: The Dry Bulk market seems unable to catch a break these days.
According to Intermodal, following the market stabilization that p ...
Wednesday, 08 April 15
CHINA BURNS HALF OF THE WORLD'S COAL - CHRISTOPHER T. WHITTY
Intermodal Weekly Market Update
China is the world's largest consumer of coal, using more coal each year than the United States, the Europ ...
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- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- The University of Queensland
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
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