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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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Friday, 06 September 13
DRY BULK MARKET REACHES NEW YEAR-HIGHS ON THE BACK OF INCREASED CAPESIZE DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been on the rise once again, but this time around any new increase of freight rates translates into new year-highs, thus bri ...
Friday, 06 September 13
US PRODUCED APPROXIMATELY 90.80 MMST OF COAL IN AUGUST
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.90 million short tons (mmst) of ...
Thursday, 05 September 13
INDONESIAN COAL EXPORTS UP BY 6.72 PERCENT IN JULY
COALspot.com: Indonesia, the world's largest multi grade coal exporter shipped 35.268* million tons of coal in July 2013. Indonesian coal exp ...
Thursday, 05 September 13
HANDY: NICKEL ORE WAS PUSHING THE FAR EAST MARKET - FEARNLEYS
Handy
Nickel Ore was pushing the Feast market, several ships were fixed from low teens to $14k. Indo/India was still supported by bauxite, while th ...
Thursday, 05 September 13
DRY BULK MARKET ON A HIGH ROLL, MAINLY THANKS TO CAPESIZE APPETITE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Capesize owners have been rejoycing on the back of renewed optimism for the further rise in the dry bulk market's freight rates, especially when on ...
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- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- White Energy Company Limited
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- The University of Queensland
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Planning Commission, India
- PTC India Limited - India
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
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