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Wednesday, 16 October 13
WILL THIS LATEST DRY BULK MARKET UPTREND PROVE TO BE AS LONG-LIVED OR JUST ANOTHER MOMENTARY SPIKE? - CHRISTOS MANZTIOS
 COALspot.com: So here we are again facing the same old question: Will this latest market uptrend prove to be as long-lived as all owners hope or just another momentary spike which will deflate at the first signs of trouble?, said Christos Manztios a SnP Broker from Intermodal in his latest weekly report.
According to Christos Manztios, the dry bulk market, despite having been on a roller coaster ride since early spring, has now entered the seasonally strong months of October and November with renewed optimism. But this might come at price: Renewed optimism might result in a flurry of new-building activity/ordering which could, if done in excess, ultimately tip the scales against owners once again.
Intermodal's analyst Manztios said his latest report, albeit the improved market conditions, new ordering have seemingly started to slow down as the lack of availability of early slots (now seeing early to mid-2016) coupled with rising NB prices have both started to take their toll on buying interest. During September the dry bulk market witnessed a total of 58 dry orders, with Ultramaxes holding the lion's share and numbering 22 in total, while Handies closely followed in volume with 21.
For the time being new building capacity seems to be waning, with several shipbuilders already limiting production in many of their facilities and overstretching their slots’ schedule. This has worked fine so far, but as freight earnings start to improve and in turn we see ever growing demand for new orders, shipbuilders will inevitably seeks to remobilize their unused resources and step back up to full production, plaguing the industry with excess tonnage supply once again, Intermodal weekly report said.
According to Intermodal weekly report, Greek owners top the list for NB orders placed so far this year in terms of both number of vessels and dwt (131 vessels/11.7 mill dwt) followed by Japanese owners in terms of number of ships (106 vessels/4.2mill dwt) and Chinese owners in terms of dwt (96 vessels/6 mill dwt). Greek buyers also dominated the second hand market as well, with one in every four vessels that changed hand during 2013 ending up to a Greek buyer and at ever higher prices.
This is epitomized in the likes of sales such as that of the M/V Cape Challenger (180kdwt blt 2013 IHI) and M/V JK Pioneer (180kdwt blt 2013 HHI) which were reported sold reg USD 52mill each, a sharp appreciation in price when compared (especially taking into account the fact that the sale was included by a below market charter attached of USD 11,000/day till May 2014) with the sale of M/V Bulk Canada (180kdwt blt 2012 Hanjin Philippines) reg USD 41.25mill back in August.
"This trend is not solely attributed to the freight rally in Capes but also backed by both an overall positive perception as to the prospects of the market from 2014 onwards and the still attractively-priced assets across all size segments (at least in comparison with pre-2012 levels where a 5 year old Cape was priced above USD 36.0 mill, a 5 year old Panamax above USD 26.5 mill and a 5 year old Supramax was above USD 24,5 mill)," according to Intermodal's analyst Manztios.
Caution (and eye-brows) may have been raised as to the potential longevity of the recent run-up in freight rates, but it doesn’t look like the upward momentum is over just yet. Things may have slowed down for Capes, but with their average freight rates still holding above 30,000/day and with the rest of the size segments slowing showing signs of catching up in gains, it will all depend to what extent this positive momentum can hold and how well these new market conditions will hold up in the first quarter of 2014 a period in the year that tends to be considerably softer and a good indicator as to how well the market will perform during the whole year, Christos Manztios a SnP Broker from Intermodal concluded.
Compiled by:
Intermodal Research & Valuations | research@intermodal.gr
Analysts:
Mr. George Lazaridis | g.lazaridis@intermodal.gr
Ms. Eva Tzima | e.tzima@intermodal.gr
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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 04 November 13
API 8 CFR S.CHINA COAL SWAP FOR Q3' 2014 DELIVERY CLOSED 3.65% HIGHER COMPARED TO Q1' 2014 PRICE
COALspot.com : API 8 CFR South China Coal swaps for average Q4 2013 delivery fell 0.24 percept W-W on Friday 1 November 2013. The CFR South China Co ...
Sunday, 03 November 13
H2' 2014 INDONESIAN COAL PRICE ( SWAPS) SHOWS POSITIVE TREND
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’2014 delivery gained 0.24 percept week on week on Friday 1 ...
Sunday, 03 November 13
THE CAPE SIZE INDEX FELL 13.61 PCT W-W
COALspot.com: The freight market continued to soften on the cape and panamax sectors , however the supramax and handy size remained fairly firm.
...
Saturday, 02 November 13
DRY BULK SHIPPERS AREN'T CELEBRATING, BUT THEIR SILENCE IS GOLDEN - MARKET REALIST
In October, performance for major dry bulk shipping companies was mixed. Companies like DryShips Inc. (DRYS) had pulled back more than Diana Shippin ...
Friday, 01 November 13
US'S COAL PRODUCTION UP 0.9 PERCENT W-W
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.3 million short tons (mmst) of coal in ...
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- Wilmar Investment Holdings
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
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