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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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Saturday, 12 October 13
PANAMAX: OWNERS ARE AT US$ 17-18.5K PER DAY; CHARTERERS ARE AT US$ 15.5-16K - CAPT. REDDY
COALspot.com - The futures market was heavily down on the cape size vessels and the physical average charterer rates on cape size vessels dropped by ...
Friday, 11 October 13
DRY BULK FREIGHT RATE POSITIVE MOMENTUM TO BE SUPPORTED BY HIGHER DEMAND SAYS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
BIMCO released its latest short term research on the shipping markets, estimating that the elevated level of Capesize TC average rates i ...
Friday, 11 October 13
US COAL PRODUCTION FALLS 7.70% IN SEPTEMBER
COALspot.com – United States the world’s second largest coal producer produced approximately 17.70 million short tons (mmst) of coal in ...
Thursday, 10 October 13
NPC AUSTRALIA SHIPPED 2.99 MILLION TONS OF COAL W-O-W
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 12.04 per cent week on week to 2.99 million mt for ...
Thursday, 10 October 13
SEVERAL PANAMAX FIXTURES FOR 1 YEAR TC HAVE BEEN REPORTED AROUND $13.5K/DAY - FEARNRESEARCH
Handy
The market is not much fancy as several holidays in the Far East last week. Tonnage side seems tight in SE Asia but there are many of them in ...
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- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
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- Economic Council, Georgia
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- Cement Manufacturers Association - India
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- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
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- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
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- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Wilmar Investment Holdings
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- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
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- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
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- White Energy Company Limited
- The Treasury - Australian Government
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- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- The University of Queensland
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- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
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- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
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- Planning Commission, India
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
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- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
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- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
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- MS Steel International - UAE
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- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
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