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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 16 October 13
NEW STRATEGIES AND OPPORTUNITIES IN A RAPIDLY EVOLVING COAL INDUSTRY
The 12th Annual Coal Markets assumes even more significance as the industry seeks more market information, inputs on trade strategies, supply and de ...
Wednesday, 16 October 13
CAPES: RATES DROPPED; PANAMAX: ADVANCED - INTERMODAL
After a month and a half of straight weekly positive closings, the BDI has finished the week in the red. Monday started slow as holidays in the East ...
Wednesday, 16 October 13
WILL THIS LATEST DRY BULK MARKET UPTREND PROVE TO BE AS LONG-LIVED OR JUST ANOTHER MOMENTARY SPIKE? - CHRISTOS MANZTIOS
COALspot.com: So here we are again facing the same old question: Will this latest market uptrend prove to be as long-lived as all owners hope or jus ...
Wednesday, 16 October 13
KOSEP TO IMPORT 0.49 MILLION TONS OF 4600 NAR COAL FOR JAN - FEB '14
COALspot.com - Korea South-East Power Co., a Korean generator and distributor of electricity on behalf of five Korean Gencos intends to procure 490, ...
Tuesday, 15 October 13
CHINA COAL IMPORTS TO KEEP GROWING IN THE YEARS TO COME, ALBEIT AT A SLOWER RATE - EVA TZIMA / NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest monthly report, shipbroker Intermodal highlighted the growing role of coal in the energy mix. According to Intermodal's research anal ...
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- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- The University of Queensland
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
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