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