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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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Friday, 27 March 15
INDONESIA: NEW REGULATION REQUIRES LETTER OF CREDIT FOR EXPORT OF PRODUCTS FROM NATURAL RESOURCES
The Minister of Trade issued Ministerial Regulation No. 04/M-DAG/PER/1/2015 (“Regulation No. 4/2015”) on 5 January 2015. Regulati ...
Friday, 27 March 15
WEEKLY U.S COAL OUTPUT FALLS 1.7% W-W; 7.9% Y-Y
COALspot.com – United States the world's one of the largest coal producers, produced approximately totaled an estimated 18.2 million ...
Thursday, 26 March 15
CHINA IRON ORE IMPORT FOR THE FIRST 2 MONTHS DECLINED BY 1.2 % Y-O-Y; PANAMAX AUSSIE/CHINA ROUNDS BEING FIXED IN THE $4 -5K RANGE - FEARNLEYS
Handy
There has been more activity in both hemispheres this week. Especially the USG market has picked up with more cargoes for prompter dates en ...
Thursday, 26 March 15
RATES FOR THE SMALLER SIZE SEGMENT CONTINUED TO IMPROVE LAST WEEK - INTERMODAL
To see green across the board is a rare occurrence in the Dry Bulk market nowadays and while the upside in which last week closed off is not of the ...
Thursday, 26 March 15
KYUSHU ELECTRIC POWER OF JAPAN HAS JOINED GLOBALCOAL ONLINE COAL TRADING PLATFORM
globalCOAL® announced today that Kyushu Electric Power, one of Japan’s largest utility companies, has joined its online coal trading plat ...
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- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- The University of Queensland
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Australian Coal Association
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
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