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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, 12 September 13
PANAMAX : PACIFIC ROUNDS ARE NOW REPORTED BETWEEN USD 13K AND 15K PER DAY - FEARNRESEARCH
Handy
Nickel ore is a key support SE Asia/Feast rate at the moment; vessel in N.China were fixed around USD 11-12k, ships in mid China can expect a ...
Thursday, 12 September 13
CAPESIZE MARKET WILL BECOME EVEN TIGHTER - JEFFREY LANDSBERG
COALspot.com : While it is no secret that current capesize availability has become tight and has caused capesize rates to surge, availability is set ...
Thursday, 12 September 13
OVER THE WORST? WE MIGHT FIND OUT THIS WEEK - BIMCO
The shipping market has a spring in its step, even as summer draws to a close. There is it seems, confidence that finally, we are emerging into the ...
Thursday, 12 September 13
DRY BULK MARKET RALLY COMES AT A GOOD TIME FOR MOST SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The latest surge of the dry bulk market has helped offset other lingering factors, which otherwise, could have plunged freight rates to new lows. Fo ...
Wednesday, 11 September 13
ASIA - PACIFIC THERMAL COAL MARKET TO REMAIN OVERSUPPLIED IN NEXT 12 MONTHS - FITCH RATINGS
COALspot.com: Fitch Ratings says the Asia-Pacific thermal coal market will remain oversupplied in the next 12 months because strong production has b ...
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- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
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