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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.
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Sunday, 19 October 14
LOW DEMAND PUSHES DOWN COAL FREIGHT RATES; VOLATILITY CONTINUES
COALspot.com: This week all the segments softened including BDI except for Panamax index.
The BDI was down by1.70 pct and clsoed at 944 points ...
Friday, 17 October 14
INTERNATIONAL COAL PRICES ARE AT LOWEST LEVEL; COAL STOCKS AT INDIAN POWER PLANTS ARE ALSO AT LOWEST LEVEL
International coal prices as well as coal freights are falling and reaching to its lowest levels. According to PTI, fuel stockpiles at the thermal ...
Friday, 17 October 14
U.S. COAL PRODUCTION UP BY 3.6% WEEK - ON - WEEK
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.20 million short tons (mmst) of coal in ...
Friday, 17 October 14
DRY BULK SHIPPING'S OUTLOOK NOW SHIFTING TO A LESS PROMISING ONE, SHIP PRICES EXPECTED TO FOLLOW SOON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
China’s and other Asian countries’ return to the dry bulk market last week, didn’t trigger the hoped support towards the dry bulk ...
Thursday, 16 October 14
KOREA MIDLAND POWER TO BUY 490K MT OF LCV COAL FOR 1Q 2015
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 490,000 Metric Tons (MT) of LCV (Sub) Bitumino ...
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- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Planning Commission, India
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Minerals Council of Australia
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
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