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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 $360-380/ldt. Although a slight increase in steel prices has been observed in the past couple of weeks this is not yet reflected in demo prices, but if it eventu-ally does, we expect the number of bulkers heading for scrapped to acceler-ate.
To sum up despite the fact that the dry market is not currently showing signs of a recovery being just around the corner, I believe that we will sooner rather than later observe more intense buying interest being transformed into actual deals, especially for vessels that are easier to charter these days and still manage to do so over OPEX levels, such as geared sizes build after 2000.
By Panos Makrinos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 30 March 15
Q3' 15 CFR SOUTH CHINA COAL SWAP: DECLINED 8.7% M-M; 12.77% Y-TO-D
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 5.00 (-8.70%) per MT month over month and US$ 1.33 (-2 ...
Monday, 30 March 15
Q2' FOB NEWCASTLE COAL SWAP CLOSED 4.47% HIGHER THAN Q4' CLOSING PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 5.42 per MT (-10.43%) month over month and US$ 1.60 (-3.32%) w ...
Sunday, 29 March 15
INDO - INDIA: SUPRAMAX & PANAMAX FREIGHT MARKET STEADY
COALspot.com: The freight market was almost stable as all segments slightly up except Panamax sector.
The BDI was up by just 0.85% week over w ...
Saturday, 28 March 15
IS NORTHERN EUROPE THE NEW MINING ELDORADO?
The Europe Mining 2015 Summit, organised by Global Summits organizer IRN on 17-18 June in Amsterdam, The Netherlands, will gather senior level repr ...
Saturday, 28 March 15
THE DRY BULK FLEET AT BREAKING POINT - CLARKSONS
The severe oversupply in the bulkcarrier fleet has contributed to the current trough in the dry bulk market, putting considerable financial pressur ...
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- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Economic Council, Georgia
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- The University of Queensland
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- PTC India Limited - India
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
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