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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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Wednesday, 22 October 14
CAPESIZE MARKET REMAINED UNDER PRESSURE
COALspot.com: The Dry Bulk market closed on the red for yet another week although following Friday sentiment has started to improve on the back of ...
Tuesday, 21 October 14
INDIA'S DIESEL DEREGULATION POSITIVE FOR OIL COMPANIES - FITCH
The Indian government's 18 October decision to deregulate diesel prices will have a positive effect on the national oil marketing companies tha ...
Tuesday, 21 October 14
LOW DEMAND PUTTING COAL SWAPS UNDER PRESSURE
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost on day, week and month.
The swap has lost US$ 1.57 (-3.04%) month on month ...
Monday, 20 October 14
CHINA'S ENVIRONMENTAL POLICIES DO NOT SPELL THE END FOR COAL - WOOD MACKENZIE
China's environmental policies do not spell the end for coal Analysis across energy commodities show coal still accounting for 64% of power mix ...
Monday, 20 October 14
CFR SOUTH CHINA COAL SWAPS FAILED TO PERFORM POSITIVE
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 3.04 (-4.57%) month over month and US$ 1.75 (-2.68%) week o ...
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- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
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