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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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Friday, 01 November 13
DRY BULK MARKET IN FIRST POSITIVE SIGN IN DAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Owners of dry bulk carriers are well aware of the rollercoaster ride that has been the market for their vessels over the past few years. This trend ...
Thursday, 31 October 13
HANDY: ACTIVE; PANAMAX: QUIET; CAPESIZE: NO LIGHT
Handy
The handy market had an active week however not directly translated into the rates we´ve seen in the Pacific. We see more coal and baux ...
Wednesday, 30 October 13
INDONESIAN STATE OWNED COAL MINER HAS EXPORTED 7.02 MILLION TONS OF COAL IN 9 MONTHS
COALspot.com : PT. Bukit Asam, Indonesian state owned coal miner has sold 13.24 million tons of coal for the period January - September 2013. Accord ...
Wednesday, 30 October 13
DRY BULK MARKET HAS LOST FURTHER GROUND THIS PAST WEEK - INTERMODAL
Chartering (Wet: Firm+ / Dry: Stable-)
The Dry Bulk market has lost further ground this past week, as de-creased activity in both basins for both C ...
Wednesday, 30 October 13
CAPESIZE: DOWNWARD; SUPRAS AND HANDIES: STABLE - INTERMODAL
The Dry Bulk market has resumed its downward movement, noting another dip for a third week in a row. The larger size segments were responsible for p ...
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- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
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