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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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Tuesday, 17 September 13
BUMA PRODUCED 3.57 PERCENT MORE COAL IN AUGUST
COALspot.com: BUMA has removed totaled 25.20 million bcm of overburden to produce 2.90 million tons coal in August 2013. BUMI produced 3.07 percent ...
Tuesday, 17 September 13
NEWCASTLE PORT SHIPPED ABOUT 27 PERCENT MORE COAL WEEK ON WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 27.26 per cent week on week to 3.01 million mt for ...
Tuesday, 17 September 13
TAIPOWER INVITES BIDS FOR SUPPLY OF SUB-BITUMINOUS COAL
COALspot.com - Taiwan Power Company intends to procure 1.050 million tons of sub-bituminous coal for Taipower thermal power plant through open tende ...
Tuesday, 17 September 13
ORPHEUS SECURES SIGNIFICANT INFRASTRUCTURE DEAL THROUGH ACQUISITION OF SOUTH KALIMANTAN PORT CAPACITY
COALspot.com : Orpheus Energy Limited (ASX: OEG) of Australia has today announced that, it has executed a binding agreement with the proprietor of S ...
Monday, 16 September 13
WHAT RECOVERY MEANS FOR THE CAPESIZE MARKET - COMMODORE RESEARCH
COALspot.com: The simple fact that capesize rates have been able to increase above the $9,000/mark and become much more responsive to changes in car ...
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- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- CNBM International Corporation - China
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- The University of Queensland
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
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