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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, 10 November 13
PANAMAX COAL FREIGHT RATES REMAIN UNDER PRESSURE; SUPRAMAX BIGGEST GAINER - REDDY
COALspot.com: The freight market was up this week with all indices increased except for Panamax index.
The BDI was up by 56 points closing at 158 ...
Friday, 08 November 13
DRY BULK MARKET BOUNCES BACK ON RENEWED DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market staged a mild comeback this week, as the industry's benchmark, the Baltic Dry Index (BDI) inched forward step by step and bit b ...
Friday, 08 November 13
US'S OCTOBER COAL PRODUCTION INCREASED BY 1.78% M-M - EIA
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.3 million short tons (mmst) of coal in ...
Thursday, 07 November 13
FORMOSA PLASTICS SEEKS 80K MT OF 5850 GAR COAL
COALspot.com: Taiwan's Formosa Plastics Group is inviting bids for 80,000 mt of bituminous coal for delivery in Nov - Dec'13 for its Chi ...
Thursday, 07 November 13
INDONESIAN COAL EXPORT VOLUME INCREASED; REVENUE DECREASED
COALspot.com: Indonesia, the 15th largest economy, 4th largest coal producer in the world and world's largest multi grade coal exporter shipp ...
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- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Planning Commission, India
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
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