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