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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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Tuesday, 28 January 14
RESOURCE NATIONALISM OR PROTECTIONISM FOR THE MINING AND EXTRACTIVES INDUSTRY - JOHN WHITTAKER & MICHAEL SWANGARD
Resource nationalism or protectionism for the mining and extractives industry as well as soft commodities sector and the oil industry.
‘Res ...
Tuesday, 28 January 14
DRY BULK SHIP OWNERS RETREAT TO OLD 'HABITS', REFUSING TO DEMOLISH OLD VESSELS, THREATENING MARKET RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
If one thing is clear as we reflect on the 2013 shipping markets, it's that ship owners took advantage of low prices, in order to acquire newer ton ...
Monday, 27 January 14
MERCATOR SINGAPORE REPORTS 52% INCREASE IN EBITDA FOR Q3 FY 2014 AS COMPARED TO PREVIOUS QUARTER
COALspot.com: Mercator Lines (Singapore) Limited, a leading Indian-owned international dry bulk shipping company that operates a fleet of fourteen d ...
Monday, 27 January 14
13TH CLEAN COAL FORUM 2014
COALspot.com: (Press Release) - Produced by CDMC Events, The 13th Clean Coal Forum 2014 will be held on June 12 &13 2014 in Beijing, China. We a ...
Monday, 27 January 14
Q3 & Q4 API 8 CFR SOUTH CHINA COAL SWAPS CONTINUE TO REMAIN WEAK
COALspot.com: API 8 CFR South China Coal swaps for average Q1 14 delivery lost 4.45 percent month on month and closed at US$ 79.05 per mt as on Frid ...
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- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
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