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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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Thursday, 03 October 13
INDONESIA AUGUST COAL EXPORTS FALL 12.90 % FROM JULY TO 30.71 MIL MT
COALspot.com: Indonesia, the 15th largest economy in world, 4th largest coal producer in world and world's largest multi grade coal exporter ...
Thursday, 03 October 13
TOP FOUR U.S. COAL COMPANIES SUPPLIED MORE THAN HALF OF U.S. COAL PRODUCTION IN 2011 - EIA
In the past two years, more than half of U.S. coal production was attributable to the top four coal producers, the result of changes in regional pro ...
Thursday, 03 October 13
HANDY: PERIOD MARKET STAND IN GOOD POSITION - FEARNRESEARCH
Handy
Nickel ore and Bauxite was active last week but slowed down now due to Chinese holidays. Ships opened in North China fixed at US$ 11-13k leve ...
Wednesday, 02 October 13
DRY BULK MARKET IS STILL MAINTAINING ITS UPWARD DIRECTION
Chartering (Wet: Stable- / Dry: Firm+)
Despite the fact that rates for Capes didn't continue their crazy ride this past week, the Dry Bulk market ...
Wednesday, 02 October 13
HOW LONG WILL THIS LATEST CAPESIZE RALLY LAST? - TASOS PAPADOPOULOS
By Tasos Papadopoulos, SnP Broker, Intermodal
The surge in iron ore trade has translated into a massive boost in daily earnings for capes; with t ...
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- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Meralco Power Generation, Philippines
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