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