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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, 18 October 13
DRY BULK MARKET ON "PAUSE" MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been on "pause" mode over the past week, after China's return from the week long holidays. The industry's benchm ...
Friday, 18 October 13
US PRODUCED 6.7% MORE COAL W-W
COALspot.com – United States the world’s second largest coal producer produced approximately 18.9 million short tons (mmst) of coal in a ...
Thursday, 17 October 13
CAPESIZE: RATES ARE AGAIN MOVING UPWARDS - FEARNRESEARCH
Handy
Activities were obviously slowed down in the Pacific basin. There were only few coal movements which fixed around USD 15-16k for ships in Sin ...
Thursday, 17 October 13
SGX TO LAUNCH "SGX THERMAL COAL FUTURES" NEXT MONDAY
COALspot.com: SGX is to launch two thermal coal futures contracts, SGX API 8 CFR China Coal Index Futures and SGX IHS McCloskey Indonesian Sub-bit F ...
Thursday, 17 October 13
CHINA'S COAL IMPORTS DOWN 9.4% TO 25.96 MMT IN AUGUST
COALspot.com: China's August Imported coal volumes down 9.4% m-m but up 27% y-y, BNP said in its latest China Coal & Power report released on 1 ...
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- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Australian Coal Association
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
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