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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, 30 August 13
US COAL PRODUCTION FELL 0.48 PERCENT WEEK ON WEEK - EIA
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.70 million short tons (mmst) of ...
Thursday, 29 August 13
HANDY: THE PACIFIC MARKET STARTED HEALTHY THIS WEEK - FEARNRESEARCH
Handy
The Pacific market started healthy this week. We have seen many bauxite, iron ore and few coal fixtures. Ships passing Singapore were able to ...
Thursday, 29 August 13
NO RATING IMPACT ON INDONESIAN ENERGY COMPANIES FROM RUPIAH DEPRECIATION - FITCH RATINGS
Fitch Ratings says the credit profiles of rated Indonesian energy and utilities companies, including thermal coal producers, will largely remain una ...
Wednesday, 28 August 13
THE BDI HAS MOVED TO LEVELS CONSIDERABLY STRONGER THAN THE BEGINNING OF THE YEAR - INTERMODAL
By George Bassakos
SnP Broker - Intermodal
We have already reached the end of August and whilst students are preparing themselves for another sc ...
Tuesday, 27 August 13
AUSTRALIA NEWCASTLE COAL EXPORTS JUMPED 15.59 PERCENT ON WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 15.59 per cent week on week to 2.76 million mt for ...
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- Parliament of New Zealand
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Australian Coal Association
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Electricity Authority, New Zealand
- PTC India Limited - India
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
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