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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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- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Trasteel International SA, Italy
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Planning Commission, India
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
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