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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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Sunday, 22 September 13
BDI STRENGTHENS FURTHER AS CAPESIZE FREIGHT RATES JUMP - CAPT. REDDY
COALspot.com: The freight market continued its upward trend and maintaining the moment with BDI and Cape index up by 16 pct week on week. The Capesi ...
Sunday, 22 September 13
API 8 CFR SOUTH CHINA COAL SWAPS ADVANCE
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 ...
Sunday, 22 September 13
SUB-BIT INDONESIA COAL SWAPS REMAIN UNDER PRESSURE
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery down 2.09 percept month on month on Friday 20 September 2 ...
Friday, 20 September 13
SHIP OWNERS INVEST MORE THAN $9.2 BILLION ON NEW BUILDING VESSELS DURING AUGUST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite the fact that August is traditionally a slow month in terms of ships investment activity, ship owners have grasped this year the opportunity ...
Friday, 20 September 13
DRY BULK MARKET REACHES NEW HEIGHTS THIS WEEK STANDING AT THREE-YEAR HIGH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The biggest rally of the dry bulk market in more than three years have brought back joy among ship owners, especially those active in the Capesize m ...
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- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- The University of Queensland
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
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