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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, 15 October 14
NEWCASTLE SHIPPED 13.96 MILLION TONS OF COAL IN SEPTEMBER; UP 5.72%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,227.7 wor ...
Tuesday, 14 October 14
KING COAL UNDER ATTACK? - EVA TZIMA
With the last quarter of the year being well underway and with no strong signs that the Dry Bulk market could be ready for a big positive reversal, ...
Tuesday, 14 October 14
THE NEW CHINESE TRANSPORTATION TAX LAW: WHAT DOES IT MEAN FOR GREEK SHIPPING? - DELOITTE
China has recently promulgated a new law which imposes tax on profits from freights of inbound routes. The objective of the new tax law titled &ldq ...
Monday, 13 October 14
CHINESE COAL IMPORT TARIFFS YET ANOTHER BLOW TO AUSTRALIAN COAL EXPORTS - TIM BUCKLEY
COALspot.com: China’s unexpected move to reintroduce thermal coal import tariffs of 6% will have a materially negative impact on the viabilit ...
Monday, 13 October 14
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 54.92, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for delivery Q4' 2014 decreased US$ 0.80 (-1.46%) month over month and US$ 0.52 (-0.95%) week over ...
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- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Planning Commission, India
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Australian Coal Association
- Parliament of New Zealand
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
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