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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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Friday, 01 November 13
DRY BULK MARKET IN FIRST POSITIVE SIGN IN DAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Owners of dry bulk carriers are well aware of the rollercoaster ride that has been the market for their vessels over the past few years. This trend ...
Thursday, 31 October 13
HANDY: ACTIVE; PANAMAX: QUIET; CAPESIZE: NO LIGHT
Handy
The handy market had an active week however not directly translated into the rates we´ve seen in the Pacific. We see more coal and baux ...
Wednesday, 30 October 13
INDONESIAN STATE OWNED COAL MINER HAS EXPORTED 7.02 MILLION TONS OF COAL IN 9 MONTHS
COALspot.com : PT. Bukit Asam, Indonesian state owned coal miner has sold 13.24 million tons of coal for the period January - September 2013. Accord ...
Wednesday, 30 October 13
DRY BULK MARKET HAS LOST FURTHER GROUND THIS PAST WEEK - INTERMODAL
Chartering (Wet: Firm+ / Dry: Stable-)
The Dry Bulk market has lost further ground this past week, as de-creased activity in both basins for both C ...
Wednesday, 30 October 13
CAPESIZE: DOWNWARD; SUPRAS AND HANDIES: STABLE - INTERMODAL
The Dry Bulk market has resumed its downward movement, noting another dip for a third week in a row. The larger size segments were responsible for p ...
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- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- The University of Queensland
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- PTC India Limited - India
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Planning Commission, India
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
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