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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 $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 07 April 15
SUB-BIT FOB INDONESIA COAL SWAP KEEPS DROPPING; DROPPED 2% W-W
COALspot.com: Indonesian coal swap for delivery Q2 2015 declined month on month and week over week.
The Q2 swap was declined US$ 2.44 (5.14%) ...
Tuesday, 07 April 15
Q3 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 55.96 PMT; DOWN 8.40% M-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has declined U ...
Monday, 06 April 15
INDONESIA'S HBA FIXED AT US$ 64.48 PMT FOR APRIL DELIVERY; DOWN 4.84% M-M
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal benchmark prices to US$ 64.48 per MT in Apr ...
Monday, 06 April 15
FOB NEWCASTLE COAL SWAP DECLINED 12% MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 6.23 per MT (-12%) month over month and US$ 0.86 (-1.85%) week ...
Monday, 06 April 15
CFR SOUTH CHINA COAL SWAP FALL CONTINUES
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 5.96 (-10.37%) per MT month over month and US$ 0.98 (- ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Planning Commission, India
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- The University of Queensland
- The Treasury - Australian Government
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
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