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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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- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Australian Coal Association
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- The University of Queensland
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
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