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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, 08 October 14
IS THERE ANY BRIGHT SIDE ON THE DRY BULK SEGMENT? - YANNIS OLZIERSKY
In the movie “Life Of Brian”, a character on a nearby cross was singing the famous “Always look on the bright side of life” ...
Tuesday, 07 October 14
TAIPOWER TO IMPORT 525K MT OF LOW ASH AND EXTRA LOW SULFUR SUB-BITUMINOUS COAL
COALspot.com: Taiwan Power Company intends to procure 525,000 metric tons of low ash and extra low sulfur sub-bituminous coal for Taipower thermal ...
Tuesday, 07 October 14
SUB-BIT FOB INDONESIA COAL SWAP SHOWS A FLAT TO WEAK TREND THIS PAST WEEK
COALspot.com: Indonesian coal swaps November 2014 delivery flat week on week and gained US$ 0.10 (-0.20%) per mt day on day. The swap also lost US$ ...
Tuesday, 07 October 14
THE RIO TINTO CONFIRMS THAT NO DISCUSSIONS ARE TAKING PLACE WITH GLENCORE
COALspot.com: The board of Rio Tinto notes the recent press speculation regarding a possible combination of Rio Tinto and Glencore.The Rio Tinto bo ...
Tuesday, 07 October 14
API 8 CFR SOUTH CHINA COAL SWAP HEADED SOUTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 1.10 (-1.64%) month over month and US$ 0.25 (-0.38%) ...
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- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- The University of Queensland
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
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