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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, 06 October 14
' COAL-BY-WIRE' FROM SUMATRA TO JAVA - THE JAKARTA POST
Coal from the island of Sumatra accounts for most of Indonesia’s low-grade lignite, a low-quality coal that receives a poor price in internat ...
Monday, 06 October 14
THE IRON ORE SHIPPING BUSINESS IS FACING SOME ROUGH SEAS - EAST ASIA FORUM
The impact of Chinese demand on global iron ore prices is well known. A less acknowledged consequence of China’s emergence is the transformat ...
Sunday, 05 October 14
BALTIC DRY INDEX SLIPS 1.14%; BALTIC PANAMAX INDEX GAINED 9.91% WEEK ON WEEK
COALspot.com: The BDI was down by 1.14 pct and closed at 1037 points this Friday.
The Cape index was down significantly week on week or lost 5 ...
Friday, 03 October 14
U.S. WEEKLY COAL PRODUCTION UP 5.8% TO 19.9 MMST
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.9 million short tons (mmst) of co ...
Thursday, 02 October 14
CAPESIZE - DULL AND WITHOUT MUCH DIRECTION AS IRON ORE AND COAL VOLUMES FAIL TO LIVE UP EXPECTATIONS
Handy
After the recent weeks´ rate increase in the Atlantic we see Panamaxes snapping up handymax and Supra cargoes at much lower levels, p ...
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- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
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