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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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Monday, 07 October 13
Q3'14 SUB-BIT FOB INDONESIA COAL SWAP CLOSED 6.53% HIGHER THAN Q4'13
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery gained 0.53 % on day and fell 2.33 percept month on month ...
Sunday, 06 October 13
DRY BULK FREIGHT MARKET STAYS STEADY IN SPITE CHINESE HOLIDAYS - SOLYM CARRIERS SINGAPORE
COALspot.com: The freight market continued to remain firm in spite of Chinese holidays.
The BDI closed at 2,084 points on Friday 4 October or up ...
Saturday, 05 October 13
CAPESIZE EARNINGS SKYROCKET AS A RESULT OF INCREASED CHINA DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
An increased iron ore demand has triggered this latest dry bulk rally, which could get yet another boost during next week, when China is expected to ...
Friday, 04 October 13
NICKEL ORE SHIPMENTS - LESSONS LEARNED FROM LOSSES
One of the most pressing problems for the bulk shipping industry is the safe carriage of nickel ore. The increasing demand for this commodity is fue ...
Friday, 04 October 13
US COAL PRODUCTION UP 2.1% WEEK ON WEEK - EIA
COALspot.com – United States the world’s second largest coal producer produced approximately 19.70 million short tons (mmst) of coal in ...
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- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Anglo American - United Kingdom
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Australian Coal Association
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
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