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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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Saturday, 12 October 13
PANAMAX: OWNERS ARE AT US$ 17-18.5K PER DAY; CHARTERERS ARE AT US$ 15.5-16K - CAPT. REDDY
COALspot.com - The futures market was heavily down on the cape size vessels and the physical average charterer rates on cape size vessels dropped by ...
Friday, 11 October 13
DRY BULK FREIGHT RATE POSITIVE MOMENTUM TO BE SUPPORTED BY HIGHER DEMAND SAYS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
BIMCO released its latest short term research on the shipping markets, estimating that the elevated level of Capesize TC average rates i ...
Friday, 11 October 13
US COAL PRODUCTION FALLS 7.70% IN SEPTEMBER
COALspot.com – United States the world’s second largest coal producer produced approximately 17.70 million short tons (mmst) of coal in ...
Thursday, 10 October 13
NPC AUSTRALIA SHIPPED 2.99 MILLION TONS OF COAL W-O-W
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 12.04 per cent week on week to 2.99 million mt for ...
Thursday, 10 October 13
SEVERAL PANAMAX FIXTURES FOR 1 YEAR TC HAVE BEEN REPORTED AROUND $13.5K/DAY - FEARNRESEARCH
Handy
The market is not much fancy as several holidays in the Far East last week. Tonnage side seems tight in SE Asia but there are many of them in ...
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- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Planning Commission, India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Australian Coal Association
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
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