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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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Sunday, 05 April 15
FREIGHT RATES UNDER PRESSURE WEEK OVER WEEK
COALspot.com: The Indices fell on all segments and the market seemed to soften this week.
The BDI was almost lost 1.34% week over week and clo ...
Saturday, 04 April 15
BORYEONG POWER OF KOMIPO TO BUY TOTALED 695K MT OF HIGH AND LCV COAL
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids from coal producers, marketing companies, or traders to supply of 500000 Metr ...
Friday, 03 April 15
U.S WEEKLY COAL PRODUCTION STAYS FLAT
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 18.3 million short ...
Friday, 03 April 15
TOBA BARA'S PANDU SJAHRIR ELECTED AS NEW CHAIRMAN OF THE INDONESIAN COAL MINING ASSOCIATION
COALspot.com: Pandu Sjahrir, the Vice President Director & CFO of the Jakarta-listed PT Toba Bara Sejahtra — a subsidiary of PT Toba Seja ...
Thursday, 02 April 15
GOVERNMENT MUST WORK WITH MINING, NOT AGAINST IT - PANDU SJAHRIR
The Coal Face: The coal price has hit its lowest point in recent memory
My father used to say to me that his children are his biggest inv ...
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- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
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