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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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Thursday, 02 April 15
NEWBUILDING ORDERS FOR DRY BULK CARRIERS "DRY" UP
Newbuilding ordering activity remained subdued over the course of the past week, as ship owners are wary of adding further tonnage to an already pr ...
Wednesday, 01 April 15
SUPRAMAX & HANDY: RATES HELD STEADY TOWARDS THE WEEKEND
“Despite the fact that the Dry Bulk market closed off on the green last week, sentiment didn't improve by any means, not only because of ...
Wednesday, 01 April 15
Q4' 15 INDONESIA COAL SWAP CLOSED AT $45.15 W/E 27 MARCH 2015
COALspot.com: Indonesian coal swap for delivery Q2' 2015 drops month on month and week over week.
The Q2 swap declined US$ 1.54 (3.24%) mo ...
Tuesday, 31 March 15
RICHARDS BAY COAL SWAPS GAIN WEEK OVER WEEK
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month but increased week on week.
The Q2 swap has ...
Monday, 30 March 15
WORST IS OVER FOR THE DRY BULK MARKET, BUT THE PAIN WILL REMAIN FOR YEARS TO COME, SAYS BIMCO CHIEF ANALYST - HELLENIC SHIPPING
The current demise of the dry bulk market isn’t one to go away anytime soon. That doesn’t mean that it can’t improve, with all sh ...
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- Edison Trading Spa - Italy
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- The University of Queensland
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
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