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