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