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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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Thursday, 17 October 13
CHINA'S COAL IMPORTS DOWN 9.4% TO 25.96 MMT IN AUGUST
COALspot.com: China's August Imported coal volumes down 9.4% m-m but up 27% y-y, BNP said in its latest China Coal & Power report released on 1 ...
Wednesday, 16 October 13
NEW STRATEGIES AND OPPORTUNITIES IN A RAPIDLY EVOLVING COAL INDUSTRY
The 12th Annual Coal Markets assumes even more significance as the industry seeks more market information, inputs on trade strategies, supply and de ...
Wednesday, 16 October 13
CAPES: RATES DROPPED; PANAMAX: ADVANCED - INTERMODAL
After a month and a half of straight weekly positive closings, the BDI has finished the week in the red. Monday started slow as holidays in the East ...
Wednesday, 16 October 13
KOSEP TO IMPORT 0.49 MILLION TONS OF 4600 NAR COAL FOR JAN - FEB '14
COALspot.com - Korea South-East Power Co., a Korean generator and distributor of electricity on behalf of five Korean Gencos intends to procure 490, ...
Tuesday, 15 October 13
CHINA COAL IMPORTS TO KEEP GROWING IN THE YEARS TO COME, ALBEIT AT A SLOWER RATE - EVA TZIMA / NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest monthly report, shipbroker Intermodal highlighted the growing role of coal in the energy mix. According to Intermodal's research anal ...
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- MS Steel International - UAE
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- India Bulls Power Limited - India
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- The University of Queensland
- SMC Global Power, Philippines
- Parliament of New Zealand
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
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