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