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Wednesday, 08 October 14
IS THERE ANY BRIGHT SIDE ON THE DRY BULK SEGMENT? - YANNIS OLZIERSKY
 In the movie “Life Of Brian”, a character on a nearby cross was singing the famous “Always look on the bright side of life” in order to cheer up Brian, who had been sentenced to death by crucifixion. In shipping the “dry side of life” doesn't seem very bright and unfortunately the fundamentals are not there to support the industry and sing to us to “look on the bright side of an upcoming rise...”
The much anticipated Q4 is here and market hopes for a dry bulk market rally have not yet materialized and it doesn't seem like they will soon. A snapshot comparison of today's BDI with that of the same time last year reveals that by no means, and especially for the bigger sizes (Capes & Panamaxes), are we on the same track; the chart below can prove same and can show the completely different picture between present levels and those of last year.
From this comparison the only size/segments which is relatively close to last year’s figures, are the Supras and the Handysizes. These two sizes have managed to find support mainly by the US Gulf – Continent route which remains strong due to the record high predicted US grain export season. On the Pacific, although the Indonesian ban of unprocessed ore exports is weighing on Supras and Handies, strong Chinese steel exports managed to support these sizes in the backhaul trade to Continent, US and within Intra Asia.
On the other hand, the situation on the bigger sizes (Capes, Panamaxes) is not the same and their rates have plummeted compared with that of last year. Capesizes have been impacted by the drop in Brazilian iron ore exports and news that Chinese authorities are cutting coal imports by 50Mt this year in order to support the domestic coal market. Along with this, the Chinese government is formulating a new series of anti-pollution measures that may affect imports from Australia.
So is there any bright side on the Dry bulk segment? Apparently not in terms of healthy charter rates and good returns. On the other hand the crisis has given birth to opportunities in the dry bulk market; opportunities to invest! Asset prices are falling and we have seen deals concluded at attractive new lows. As a benchmark the sale of panamax BC m/v Mishima (2002 blt JPN) which has been reported sold for region USD 12,5mill is setting up a new era on asset values, since this price is in line with values we witnessed back in the end of 2012/beginning 2013 were dry bulk assets had hit bottom.
More deals on the same pace will likely follow, since the market has lately been flooded with sales candidates and market prospects remain the same. At the same time the YEN to USD exchange rate is also assisting towards this direction since Japanese owners are traditional Sellers of second hand Bulk Carriers.
What dry bulk owners with appetite to invest should be doing is to be well alerted and ready in order to manage to acquire the right tonnage at the right price!
Compiled by:
Intermodal Research & Valuations
Analysts:
Mr. George Lazaridis
Ms. Eva Tzima
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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Monday, 06 October 14
' COAL-BY-WIRE' FROM SUMATRA TO JAVA - THE JAKARTA POST
Coal from the island of Sumatra accounts for most of Indonesia’s low-grade lignite, a low-quality coal that receives a poor price in internat ...
Monday, 06 October 14
THE IRON ORE SHIPPING BUSINESS IS FACING SOME ROUGH SEAS - EAST ASIA FORUM
The impact of Chinese demand on global iron ore prices is well known. A less acknowledged consequence of China’s emergence is the transformat ...
Sunday, 05 October 14
BALTIC DRY INDEX SLIPS 1.14%; BALTIC PANAMAX INDEX GAINED 9.91% WEEK ON WEEK
COALspot.com: The BDI was down by 1.14 pct and closed at 1037 points this Friday.
The Cape index was down significantly week on week or lost 5 ...
Friday, 03 October 14
U.S. WEEKLY COAL PRODUCTION UP 5.8% TO 19.9 MMST
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.9 million short tons (mmst) of co ...
Thursday, 02 October 14
CAPESIZE - DULL AND WITHOUT MUCH DIRECTION AS IRON ORE AND COAL VOLUMES FAIL TO LIVE UP EXPECTATIONS
Handy
After the recent weeks´ rate increase in the Atlantic we see Panamaxes snapping up handymax and Supra cargoes at much lower levels, p ...
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- The University of Queensland
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Minerals Council of Australia
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Planning Commission, India
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
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