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