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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, 26 September 13
DRY BULK MARKET KEEPS ON RALLYING ON THE BACK OF HIGH CAPESIZE DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept its momentum over the course of the past week, on the back of increased demand for Capesizes and an improvement of mark ...
Wednesday, 25 September 13
RBCT'S COAL EXPORT DECLINES IN AUGUST
COALspot.com - Richards Bay Coal Terminal (RBCT) is the single largest coal export terminal in South African as well as in the world has shipped 16. ...
Wednesday, 25 September 13
CAPES TOUCHING RATES NO ONE BELIEVED COULD BE ACHIEVED IN 2013 - INTERMODAL
Chartering (Wet: Stable- / Dry: Firm+ )
The Dry Bulk market is the gift that keeps on giving these days. With rates for Capes touching numbers ...
Wednesday, 25 September 13
IS IT TIME AGAIN TO SUPERSIZE AGAIN? - GEORGE LAZARIDIS
After an early arrival of the seasonal rally in the Capesize market, things look to be on the upbeat for these dry bulk giants. With the Index reach ...
Monday, 23 September 13
AUSTRALIA'S NEWCASTLE PORT SHIPPED 3 PERCENT LESS COAL WEEK ON WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port fell 3 per cent week on week to 2.92 million mt for t ...
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Showing 4101 to 4105 news of total 6871 |
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- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- The University of Queensland
- Parliament of New Zealand
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Minerals Council of Australia
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Planning Commission, India
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
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