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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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Wednesday, 09 October 13
PANAMAX: FIRM ; FIXING ACTIVITY INCREASED IN BOTH BASINS - INTERMODAL
This was another week of gains for the Dry Bulk market, albeit very modest ones compared to the previous ones. Charterers and owners struggled for t ...
Tuesday, 08 October 13
CHINA: INTENSE COMPETITION AMONG DOMESTIC COAL MINERS AS 2013 IMPORT DEMAND REMAINS STRONG - WOOD MACKENZIE
Prices will not fall under RMB500/t or risk supply availability to the coastal market
Despite China's lower economic growth, Wood Mackenzie says ...
Monday, 07 October 13
RICHARD BAY COAL TERMINAL SHIPPED 49.94 MMT OF COAL YTD
COALspot.com - Richards Bay Coal Terminal (RBCT), the world's single largest coal terminal has shipped 49,946,509 mt of coals YTD, according to por ...
Monday, 07 October 13
SOUTH AFRICA'S RBCT SHIPPED 7.94% MORE COAL IN SEPT' 13
COALspot.com - Richards Bay Coal Terminal (RBCT), the single largest coal export terminal in South Africa as well as in the world has shipped 7.94 p ...
Monday, 07 October 13
SGX - CFR SOUTH CHINA COAL SWAPS END ALMOST FLAT
COALspot.com : SGX has launched API 8 CFR South China Coal Swap on 29 April 2013 and SGX replaced the previous swap.
API 8 CFR South China Coal s ...
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- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Planning Commission, India
- Independent Power Producers Association of India
- PTC India Limited - India
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- The University of Queensland
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
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