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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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Tuesday, 19 November 13
SHIP OWNER POUR MORE MONEY INTO DRY BULK CARRIER ACQUISITIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The recent dry bulk market's rally, coupled with an expected fall in oversupply and robust cargo demand has boosted ship owners' optimism on the l ...
Monday, 18 November 13
SUB-BIT INDONESIA COAL SWAP LOST ON WEEK; MARGINALLY GAINED ON DAY
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’ 14 delivery gained $ 1.25 pmt month on month on Friday 15 Novemb ...
Sunday, 17 November 13
Q4' 14 API 8 CFR SOUTH CHINA COAL SWAP CLOSED $ 3.43 PMT (4.34 %) HIGHER THAN Q1' 14 SWAP
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 0.05 percept d-d on Friday 15 November 2013. The CFR South ...
Saturday, 16 November 13
INDONESIA TO INDIA SUPRAMAX FREIGHT RATES FIRM DUE TO STRONG COAL ACTIVITIES
COALspot.com: The Cape and Panamax index was down this week and pulling down the BDI by about 5 pct. BDI was closed at 1507 points on Friday 1 ...
Friday, 15 November 13
DRY BULK MARKET STILL LINGERING ON, DESPITE PREDICTIONS OF NEW IMMINENT RALLY PRIOR TO THE YEAR'S END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market hasn't yet managed to stage a new comeback after its retreat from the recent multiyear highs. Yesterday, the industry's benchm ...
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- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- PTC India Limited - India
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
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