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Thursday, 16 October 14
ARE WE GOING TO SHOOT OURSELVES IN THE FOOT ONCE AGAIN? - PANOS MAKRINOS
 As the East part of our globe was coming back from its October holidays last week, everyone expected that the Dry Bulk market would follow suit and maybe come out of its lethargy. Instead, the BDI moved below the 1,000 unit mark, a level which has been the psychological market barrier for the past couple of years, and started drawing up a completely different picture for dry bulkers compared to the one we see on the wet side and more specifically the crude sector, said Panos Makrinos, SnP Broker of Intermodal.
The broker further said, dry bulk asset prices keep dropping, expectations look dimmer by the day and new building prices are probably the only indicator in the sector still displaying some sort of resistance refusing to adjust accordingly to this new reality. In addition to the current order book, Vale seems to have finally cracked the "code" for entering its gigantic ships to the Chinese shores and the fate of coal exports to China are currently a big question mark following the new standards set by the government there. Optimism for a stronger Q4 has given its way to panic about next year's outlook and in many cases it feels like we are once again being overrun by sentiment. What's there to look forward to?
According to Intermodal, sale and purchase activity has been at healthy levels and -despite the large number of candidates- the market has remained highly liquid with a wide range of buyers for all sizes and age groups. Demo prices are very strong and activity is finally picking up to reflect the rising need for tonnage exiting the market. Prices for prompt re-sales are in par with new building prices after a long time and vessels being delivered now have little or zero differences from the designs that yards are marketing for construction. These facts along with the rising finance gap that has been widening throughout the year as private equity started to distance itself from shipping should provide enough disincentives for new orders going forward. Isn’t this the perfect storm that counter-cyclical investors are looking for?
Commenting on tankers, Intermodal said, on the other side of the fence, tankers are displaying a much rosier picture. The M/T Ariadni (166,000dwt - blt 2009) is being reported sold for a very solid USD 56.5m and analysts are becoming increasingly optimistic about the outlook of the crude market, commenting on the low order book and rising demand for higher ton-mile cargo movements. Sale and purchase activity is steadily rising and asset values across all sizes are beating last done values every time. The New building market is also experiencing this euphoria with prices picking up at least 5% within weeks, completing an image very different to the one during the first quarter of the year.
What has changed? Are we going to shoot ourselves in the foot once again? Hopefully market pundits will understand that this long-awaited improvement has been achieved due to the entire sector patiently and painfully working towards a healthier equilibrium and we will avoid making the “recent” mistakes of other sectors...
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.
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, 27 October 14
CFR SOUTH CHINA COAL SWAPS PERFORMED POSITIVE THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 1.68 (-2.55%) month over month and increased US$ 0.87 (+1.3 ...
Sunday, 26 October 14
CAPE'S STRONG PERFORMANCE PUSHES BDI INDEX UPWARDS
COALspot.com: The BDI was up by 26.27 pct and closed at 1192 points week and week. The Cape size performance has pushed up BDI and Cape size index ...
Friday, 24 October 14
WEEKLY U.S COAL PRODUCTION DOWN 2.7% FOR THE WEEK ENDING OCTOBER 18
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.7 million short tons (mmst) of coal in ...
Thursday, 23 October 14
THE BEARS, HOWEVER, STILL CRY; FOR HOW LONG WILL IT LAST? - FEARNLEYS
Handy
"We experience a typical oversupply of ships in the Atlantic which causing rates to slide. In the USG it is just enough cargoes to kee ...
Wednesday, 22 October 14
MARKET INSIGHT - THEODORE NTALAKOS, INTERMODAL
ECO designs - revisited
The ECO vessels are already here but the oil and bunker prices are plummeting to their cheapest level since 2010. Is this ...
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- Marubeni Corporation - India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Planning Commission, India
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
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