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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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Thursday, 16 October 14
PANAMAX OWNERS RECEIVE A PREMIUM FOR GOING TO INDIA VIA INDONESIA - FEARNLEYS AS
Handy
The Handy/Supra market continues to slide in both hemispheres, said Fearnleys AS in its latest week report. In the Atlantic we see rates co ...
Wednesday, 15 October 14
PANAMAX: ACTIVITY IN THE PACIFIC WAS UNIMPRESSIVE
The Dry Bulk market noted another weekly decline last week, while the BDI moved below 1,000 points taking down with it expectations that a post hol ...
Wednesday, 15 October 14
INDONESIAN COAL PRICE REFERENCE FELL TO FRESH MULTI-YEAR LOWS IN OCTOBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in October 2014.
...
Wednesday, 15 October 14
DRY BULK SHIPPING: RATE IMPROVEMENTS ARRIVED AS FORECAST, BUT UNCERTAINTY MOUNTS FOR 2015 DEMAND - BIMCO
BIMCO released its latest short term assessment of the dry bulk market, estimating that over the October-November period, the level of Capesize TC ...
Wednesday, 15 October 14
SHIPOWNER NOT LIABLE FOR CARGO DAMAGE RESULTING FROM POOR STOWAGE - CLYDE & CO
KNOWLEDGE TO ELEVATE
Russian metal trading company Yuzhny Zavod Metall Profil (YZMP), the holder of a CONGEN 1994 bill of lading, took delivery o ...
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- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Australian Coal Association
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- The University of Queensland
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
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