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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, 29 October 13
NEWCASTLE PORT SHIPPED 12.29 PER CENT MORE COAL W-W
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 12.29 per cent week on week to 3.61 million mt for ...
Monday, 28 October 13
API 8 CFR SOUTH CHINA COAL FOR Q3'14 DELIVERY LOST ON D-D,W-W & M-M
COALspot.com : API 8 CFR South China Coal swaps for average Q4 2013 delivery fell 0.22 percept M-M on Friday 25 October 2013. The CFR South China Co ...
Monday, 28 October 13
COAL SWAP FOR Q3' 2014 DELIVERY LOST ON D-D, W-W AND M-M
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery gained 0.46 percept month on month on Friday 25 October 2 ...
Saturday, 26 October 13
PANAMAX CHARTER RATES FROM INDONESIA TO INDIA STAY FIRM - SOLYM
COALspot.com: The freight market showed tendency of softness with Cape and Panamax futures and physical soft.
The BDI was down by 12 pct week end ...
Saturday, 26 October 13
DRY BULK MARKET KEEPS ON RETREATING, BUT NEW BUILDING ORDERS KEEP ON PILING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market kept on retreating this week, with the industry's benchmark, the Baltic Dry Index (BDI) falling to 1,708 points, down 78 on the ...
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- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
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