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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, 25 October 13
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED TOTALLED 803.1 MMST
COALspot.com – United States the world’s second largest coal producer produced approximately 19.10 million short tons (mmst) of coal in ...
Thursday, 24 October 13
PANAMAX: RATES SLIP ACROSS BOTH HEMISPHERES
Handy
We were back from holidays but still not much enquiries in the market. Overall future direction is uncertain. Currently, ships passing Singap ...
Thursday, 24 October 13
SHIP PRICES ARE INCREASING ON THE BACK OF IMPROVED MARKET SENTIMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on retreating from its recent highs, ending yesterday at 1,786 points, down 61 points on the day, with Capesizes leadin ...
Wednesday, 23 October 13
DRY BULK MARKET HAS SHOWN SIGNS OF STABILITY - INTERMODAL
Chartering (Wet: Stable+ / Dry: Stable-)
The Dry Bulk market has shown signs of stability this past week, with the sole exception of Capes, rates f ...
Wednesday, 23 October 13
MARKET SENTIMENT IN THE DRY BULK SECTOR REMAINS POSITIVE - YANNIS OLZIERSKY
Market sentiment in the dry bulk sector remains positive despite the latest correction in freight rates for the Capesize sector, which are sliding f ...
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- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Indian Energy Exchange, India
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
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