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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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Wednesday, 09 October 13
PANAMAX: FIRM ; FIXING ACTIVITY INCREASED IN BOTH BASINS - INTERMODAL
This was another week of gains for the Dry Bulk market, albeit very modest ones compared to the previous ones. Charterers and owners struggled for t ...
Tuesday, 08 October 13
CHINA: INTENSE COMPETITION AMONG DOMESTIC COAL MINERS AS 2013 IMPORT DEMAND REMAINS STRONG - WOOD MACKENZIE
Prices will not fall under RMB500/t or risk supply availability to the coastal market
Despite China's lower economic growth, Wood Mackenzie says ...
Monday, 07 October 13
RICHARD BAY COAL TERMINAL SHIPPED 49.94 MMT OF COAL YTD
COALspot.com - Richards Bay Coal Terminal (RBCT), the world's single largest coal terminal has shipped 49,946,509 mt of coals YTD, according to por ...
Monday, 07 October 13
SOUTH AFRICA'S RBCT SHIPPED 7.94% MORE COAL IN SEPT' 13
COALspot.com - Richards Bay Coal Terminal (RBCT), the single largest coal export terminal in South Africa as well as in the world has shipped 7.94 p ...
Monday, 07 October 13
SGX - CFR SOUTH CHINA COAL SWAPS END ALMOST FLAT
COALspot.com : SGX has launched API 8 CFR South China Coal Swap on 29 April 2013 and SGX replaced the previous swap.
API 8 CFR South China Coal s ...
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- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
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