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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.
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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Sunday, 24 November 13
SUPRAMAX FREIGHT RATES REMAINED FIRM FROM INDONESIA TO INDIA AND CHINA - SOLYM
COALspot.com: The freight market was fairly steady except for the Supramax in SE Asia region which continued to remain firm. The BDI was down by 1.5 ...
Friday, 22 November 13
DRY BULK MARKET STILL LACKLUSTRE, DESPITE PROJECTIONS OF A NEW RALLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
We might still be about six weeks far from the end of the year, but the projected by many analysts upcoming rally of the dry bulk market, hasn't ye ...
Friday, 22 November 13
US COAL PRODUCTION DOWN 1.3% W-W
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.5 million short tons (mmst) of coal in ...
Thursday, 21 November 13
TAIPOWER TO PROCURE 750K MT OF 5500 GAR BITUMINOUS COAL FOR MAY - AUGUST 2014
COALspot.com: Taiwan Power Company intends to procure 750,000 metric tons of bituminous coal with calorific value not lesser than 5,500 kcal/kg on a ...
Thursday, 21 November 13
CAPESIZE : THE DOWNWARD TREND HAS TURNED INTO NOTABLE SPOT AND PERIOD IMPROVEMENT - FEARNLEYS
Handy
The Atlantic market experienced a general rate increase for most trades this week. More cargoes in the market and chrts looking for prompt t ...
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- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Parliament of New Zealand
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Bhatia International Limited - India
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Australian Coal Association
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
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