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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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Wednesday, 20 November 13
PANAMAX MARKET RESUMED ITS NEGATIVE MOVEMENT FOR A SECOND WEEK IN A ROW - INTERMODAL
COALspot.com: The recovery noted the week prior in the dry Bulk market proved to be short-lived, as the BDI slipped back down to the low 1,500 point ...
Wednesday, 20 November 13
TAIPOWER TO IMPORT 0.825 MMT OF 5000 GAR COAL FOR Q2' 14
COALspot.com: Taiwan Power Company intends to procure 825,000 metric tons of general sub-bituminous coal with calorific value not lesser than 5,000 ...
Wednesday, 20 November 13
CAPES AND PANAMAXES SOFTENING; SMALLER SIZE SEGMENTS FIRMING FURTHER - INTERMODAL
Chartering (Wet: Firm+ / Dry: Stable- )
The BDI has closed off the week on the red, with rates for Capes and Panamaxes softening and those fo ...
Tuesday, 19 November 13
INDONESIAN GOVERNMENT'S DECLARED COAL PRICE REFERENCE UP 1.98% IN NOVEMBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has increased government declared coal bench mark price by US$ 1.52 / MT ...
Tuesday, 19 November 13
WEEKLY COAL EXPORTS FROM NEWCASTLE PORT INCREASED BY 20.59%
COALspot.com: In the week ended November 18, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totaled 2.92& ...
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- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- The University of Queensland
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
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