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Wednesday, 23 October 13
MARKET SENTIMENT IN THE DRY BULK SECTOR REMAINS POSITIVE - YANNIS OLZIERSKY
 Market sentiment in the dry bulk sector remains positive despite the latest correction in freight rates for the Capesize sector, which are sliding from their recent peak of USD 42k per day down to today’s levels of USD 28k per day, said Yannis Olziersky, SnP Broker, from Intermodal.
In addition to the strong Capesize market, which found support from the recent Chinese restocking and strong demand for iron ore, chartering activity for the other segments has also improved and is surging on the back of increased shipments of grains from the US Gulf and the Black Sea.
According to Intermodal's weekly report, The dry bulk market, it seems, is witnessing a U-turn in fate; bullishness, although restrained, has return to many market players since to them it appears as if the worst phase is now behind us and the market is expected to advance at a faster pace compared to that of last year. This restrained optimism has had its impact on second hand sales as well as on the new building market, as a significant number of vessels are changing hands at prices well above last done deals and sometimes well above Sellers’ ideas, due to the fact that competition between Buyers, in an effort to secure tonnage, is driving values well above recent levels.
Same story with the new building market, where slots at good shipyards are now scarce and offered prices have surged and are about 10-15pct higher compared to orders that were placed during 1H of 2013.
What will happen next? Are we on a firm recovery track or were the latest positive developments in freight rates based only on a typical seasonal spike? Having foresight in a volatile industry like shipping, which is highly dependent on so many different parameters, is difficult and dangerous to do.
Yannis Olziersky added in his research report that, on the other hand there are some irrefutable facts which cannot be overlooked. Seaborne commodities have increased about 6pct compared to last year; fleet growth increased about 5.8pct (year to date), which is the lowest we have seen during the last couple of years. Taking also into consideration that the world economy is on a recovery phase and that the global GDP is projected to increase at a higher rate compared to previous years it is expected that dry bulk commodities will keep trading at higher volumes compared to 2013.
At the same time it is expected that today’s rates will face a correction once Chinese iron ore inventories are replenished and the strong grain season comes to an end, he commended. There is no doubt that the market does not have the ability to grow at the same pace we experienced the past couple of months since the overcapacity issue is still there and uncertainty over the global economy remains despite better forecasts.
However, what is more important to note is that dry bulk fundamentals are expected to improve and as a result the average earnings for the years ahead look to be better compared to previous ones. Hence, taking a long term perspective and in the event that the global economy will remain firm on its recovery path, the demolition market keeps active and the new building ordering will hold near its current pace (i.e. at a more moderate pace compared with booming years), we see substantial signs to be optimistic and expect to have an overall upside in freight rates over the coming years, Yannis Olziersky 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.
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Sunday, 01 December 13
PANAMAX RATES HAVE REBOUNDED - CAPT. REDDY
COALspot.com: The freight market was quite firm last week with all the indices increased. Cape Index was gained highest this week which supports inc ...
Saturday, 30 November 13
NTPC STARTED IMPORTING COAL THROUGH NW1 FOR ITS FARAKKA POWER PLANT
COALspot.com: In a pioneering and path breaking operation, the very first consignment of about 69,060 metric tons of imported coal bought by MV HUAY ...
Friday, 29 November 13
DRY BULK MARKET BACK ON HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market is strengthening as a result of higher demand for Capesize vessels. The BDI (Baltic Dry Index) was up by 146 points yesterday, e ...
Wednesday, 27 November 13
DRY SEGMENTS EXCEPTION OF PANAMAXES, REMAINED OVERALL STABLE - INTERMODAL
COALspot.com : The Dry Bulk market closed off the week in the red, albeit the decrease noted was of short scale. With the exception of Panamaxes, th ...
Wednesday, 27 November 13
US WHEAT IMPORTS TO BRAZIL, REACHED A 35 - YEAR HIGH - EVA TZIMA
COALspot.com: As I am going through a number of dry market fixtures reported since the beginning of October, my eyes instinctively stop where they d ...
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- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
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