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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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Friday, 25 October 13
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED TOTALLED 803.1 MMST
COALspot.com – United States the world’s second largest coal producer produced approximately 19.10 million short tons (mmst) of coal in ...
Thursday, 24 October 13
PANAMAX: RATES SLIP ACROSS BOTH HEMISPHERES
Handy
We were back from holidays but still not much enquiries in the market. Overall future direction is uncertain. Currently, ships passing Singap ...
Thursday, 24 October 13
SHIP PRICES ARE INCREASING ON THE BACK OF IMPROVED MARKET SENTIMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on retreating from its recent highs, ending yesterday at 1,786 points, down 61 points on the day, with Capesizes leadin ...
Wednesday, 23 October 13
DRY BULK MARKET HAS SHOWN SIGNS OF STABILITY - INTERMODAL
Chartering (Wet: Stable+ / Dry: Stable-)
The Dry Bulk market has shown signs of stability this past week, with the sole exception of Capes, rates f ...
Tuesday, 22 October 13
NEWCASTLE PORT SERVED 38 OCEAN GOING VESSELS IN A WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 0.64 per cent week on week to 3.21 million mt for ...
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- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Planning Commission, India
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Australian Coal Association
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Mjunction Services Limited - India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
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