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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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Tuesday, 22 October 13
KOWEPO INVITED BIDS FOR MULTI GRADE COAL
COALspot.com - Korea Western Power Co., Ltd. (KOWEPO), a Korean electricity generator intends to procure 240,000 tons of multi grade coal for its Ta ...
Monday, 21 October 13
SOUTH CHINA COAL SWAP FOR 2014 DELIVERIES SHOW A POSITIVE TREND
COALspot.com : API 8 CFR South China Coal swaps for average Q4 2013 delivery fell 0.02 percept M-M on Friday 18 October 2013. The CFR South China Co ...
Sunday, 20 October 13
Q3'14 SUB-BIT INDO COAL SWAP CLOSED AT $ 61.80 PMT W/E 18 OCT' 13
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery fell 0.93 percept month on month on Friday 18 October 201 ...
Saturday, 19 October 13
NICKEL ORE SHIPMENTS KEEP SUPRAMAX CHARTER RATES STEADY - CAPT. REDDY
COALspot.com : The futures freight market continued to go down which was reflected in the physical markets as well.
The BDI continued to be soft ...
Friday, 18 October 13
WOOD MACKENZIE FORECASTS CHINA WILL OUTWEIGH THE REST OF THE WORLD FOR BASE METALS DEMAND BY 2017
China set to account for 52% of 117mt base metals market by 2017
China is on track to exceed rest of the World demand by 2017, becoming the singl ...
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- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- White Energy Company Limited
- GMR Energy Limited - India
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
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