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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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Tuesday, 22 October 13
NEWCASTLE PORT SERVED 38 OCEAN GOING VESSELS IN A WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 0.64 per cent week on week to 3.21 million mt for ...
Tuesday, 22 October 13
KOWEPO INVITED BIDS FOR MULTI GRADE COAL
COALspot.com - Korea Western Power Co., Ltd. (KOWEPO), a Korean electricity generator intends to procure 240,000 tons of multi grade coal for its Ta ...
Monday, 21 October 13
SOUTH CHINA COAL SWAP FOR 2014 DELIVERIES SHOW A POSITIVE TREND
COALspot.com : API 8 CFR South China Coal swaps for average Q4 2013 delivery fell 0.02 percept M-M on Friday 18 October 2013. The CFR South China Co ...
Sunday, 20 October 13
Q3'14 SUB-BIT INDO COAL SWAP CLOSED AT $ 61.80 PMT W/E 18 OCT' 13
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery fell 0.93 percept month on month on Friday 18 October 201 ...
Saturday, 19 October 13
NICKEL ORE SHIPMENTS KEEP SUPRAMAX CHARTER RATES STEADY - CAPT. REDDY
COALspot.com : The futures freight market continued to go down which was reflected in the physical markets as well.
The BDI continued to be soft ...
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- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Planning Commission, India
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