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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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Monday, 04 November 13
API 8 CFR S.CHINA COAL SWAP FOR Q3' 2014 DELIVERY CLOSED 3.65% HIGHER COMPARED TO Q1' 2014 PRICE
COALspot.com : API 8 CFR South China Coal swaps for average Q4 2013 delivery fell 0.24 percept W-W on Friday 1 November 2013. The CFR South China Co ...
Sunday, 03 November 13
H2' 2014 INDONESIAN COAL PRICE ( SWAPS) SHOWS POSITIVE TREND
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’2014 delivery gained 0.24 percept week on week on Friday 1 ...
Sunday, 03 November 13
THE CAPE SIZE INDEX FELL 13.61 PCT W-W
COALspot.com: The freight market continued to soften on the cape and panamax sectors , however the supramax and handy size remained fairly firm.
...
Saturday, 02 November 13
DRY BULK SHIPPERS AREN'T CELEBRATING, BUT THEIR SILENCE IS GOLDEN - MARKET REALIST
In October, performance for major dry bulk shipping companies was mixed. Companies like DryShips Inc. (DRYS) had pulled back more than Diana Shippin ...
Friday, 01 November 13
US'S COAL PRODUCTION UP 0.9 PERCENT W-W
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.3 million short tons (mmst) of coal in ...
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- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
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