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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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- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Planning Commission, India
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Bhatia International Limited - India
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