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Wednesday, 22 January 14
DRY SECTOR: SENTIMENT REMAINS STRONG - INTERMODAL
 As we have now entered 2014 and the Chinese are soon entering their Year of the Horse (sit tight for the ride!), it is a great opportunity to see how last year ended and what shall we expect for the months ahead...
What a great finish for the year it has been for bulkers, with the BDI reaching the highest level since 2010 at 2,337 points by mid-December, with Capes reaching just over the 40,000 USD/day-mark; smaller classes did not fare that well, but definitely better than during the anemic 1st half of the year.
What happened since then? We have seen the indices retreating heavily during the holidays, with the BDI losing around 1,000 points, bottoming out at 1,370 points, having only just returned to positive territory with Capes leading the way after the difficulties they faced earlier in the month.
Sentiment remains strong within the dry sector, with expectations of better times ahead, due to a slower rate in new building deliveries and improved prospects for global economic growth, according to the latest growth revisions by the World Bank...Is this the full story though??
China's economic growth continues to cool; China will manage to pass the official target of 7.5% growth for 2013 as a whole, but at the same time this is its lowest figure for any year since at least 1999, as per the Financial Times.
The United States, on the side of the Atlantic, while still struggling to overpass the so-called 'fiscal gap', do not seem strong enough to be able to provide world trade with the necessary support, fact that one sees by just looking at the levels freight rates container vessels have reached.
Last but not least, Europe remains as always romantic, focusing on President Hollande’s personal affairs, while at the same time austerity imposed by the North is still suffocating the South and while all appears to be working perfect in theory, the truth is that austerity measures and lack of bank financing are still placing a lot of pressure on the more fragile economies such as the Greek one.
And then you have the supertankers, waking up from their long hibernation whilst being in the mid-winter season, now commanding rates in excess of USD 100,000 per day despite having been in the doldrums for most part of 2012 and 2013...
The fundamentals are simply not there yet, but this doesn’t seem to deter Owners who seem as if they simply don’t care and trying to enjoy as much as they can from this unexpected scoop!
So, what’s next? What will the Year of the Horse bring for shipping? Who will be this year’s Horse Whisperer? Enjoy the ride... but beware of the obstacles.
- by George Bassakos, SnP Broker -
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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Thursday, 20 February 14
LENGTHY DELAYS TO PANAMA CANAL EXPANSION POSE GLOBAL TRADE RISKS; US COAL PRODUCERS TO GREATLY BENEFIT ONCE COMPLETE, SAYS WOOD MACKENZIE
Wood Mackenzie expects the recent cost overrun disputes around the Panama Canal expansion to be resolved with limited disruption due to the signific ...
Thursday, 20 February 14
SUPRAMAX: IN ASIA IS IMPROVING SIGNIFICANTLY AND TURNED FROM APS TO DOP MARKET
Handy
The activity is back in the market after Chinese holidays. Supramax in Asia is improving significantly and turned from APS to DOP market. We ...
Wednesday, 19 February 14
NEWCASTLE PORT SHIPPED 30% MORE COAL WEEK ON WEEK
COALspot.com: In the week ended 17 February 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled ...
Tuesday, 18 February 14
PERUVIAN HIGH COMMISSIONER FOR MINING AFFAIRS WILL BE KEY NOTE SPEAKER AT THE COLOMBIAN COAL CONFERENCE 2014
Press Release: The High Commissioner for Mining Affairs in the Presidency of the Peruvian Council of Ministers, General (R) Daniel Urresti Elera, ha ...
Monday, 17 February 14
US COAL PRODUCTION IN 2013 FELL TO ITS LOWEST LEVEL IN 20 YEARS
COALspot.com: U.S coal production for 2013 totaled an estimated 996 million short tons (MMst), 21 MMst (2%) lower than in 2012. It is the first time ...
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- The University of Queensland
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- London Commodity Brokers - England
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Parliament of New Zealand
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
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