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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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Monday, 13 October 14
INDONESIAN COAL SWAPS FOR DELIVERY Q4' 2014 GAINED WEEK ON WEEK AND DAY ON DAY
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 gained week on week and day on day.
The swap lost US$ 0.13 (-0.25%) month on mon ...
Monday, 13 October 14
Q1' 2015 CFR SOUTH CHINA COAL SWAP CLOSED US$ 0.31 PMT HIGHER THAN Q4' 2014 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 0.66 (-1.00%) month over month and US$ 0.40 (-0.61%) ...
Sunday, 12 October 14
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE WEAK - VISTAAR
COALspot.com: This week all the segments softened. The BDI down 7.13 pct week on week and closed below 1000 points at 963 points.
The Cape ind ...
Saturday, 11 October 14
COAL PRODUCTION RISES ONLY SLIGHTLY AS GOVT LIMITS MINING OPERATIONS - THE JAKARTA POST
Indonesian coal production rose by only 4 percent in the first nine months of this year, a relatively low increase compared to previous years, as t ...
Friday, 10 October 14
INDONESIA TO DEVELOP DOWNSTREAM COAL INDUSTRY - JP
The government is planning to launch a program to develop the downstream coal industry to increase the commodity’s added value, an official h ...
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- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Planning Commission, India
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- VISA Power Limited - India
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
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