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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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Thursday, 07 November 13
THE ENERGY INDUSTRY'S RISING WATER CHALLENGE - WOOD MACKENZIE
Water poses a variety of business risks for the energy industry, and could play an influential role in shaping the future energy supply mix, accordi ...
Thursday, 07 November 13
HANDY : INDO/CHINA ROUNDS ARE SEEING BIDS AT AROUND $16K
Handy
In the Atlantic we have seen more activity this week with several fixtures being concluded at firm rates. USG/Feast been reported at 30k and ...
Wednesday, 06 November 13
THE BIGGER SIZE SEGMENTS LOST GROUND WHILE SUPRAS AND HANDIES HELD ON TO THEIR GAINS - INTERMODAL
Chartering (Wet: Stable+ / Dry: Stable- )
A mirror image of the week prior for the Dry Bulk market, as once more the bigger size segments los ...
Wednesday, 06 November 13
WILL NEW ORDERS DRIVE THE MARKET DOWN AGAIN ONCE DELIVERIES COMMENCE
"While there are many concerns on whether the new orders will drive the market down again once deliveries commence, the second half of 2013 has ...
Tuesday, 05 November 13
AUSTRALIA'S NEWCASTLE PORT SEES DROP IN COAL EXPORTS W-W
COALspot.com: In the week ended November 4, Power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totaled 2.77 m ...
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- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
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