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