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Thursday, 17 September 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
 Having experienced, as it was much anticipated, a poor 1st half combined with negative forecasts, summer, in sharp contrast, proved to be more hopeful for Dry Bulk owners. Following several months of rates barely above or even below OPEX, bulk carriers started to enjoy better rates sometime in the beginning of July. In the 3rd quarter, charterers became admittedly more active, absorbed more units and provided healthier rates. Consequently, higher returns started covering operational costs and gave a huge relief to managing companies that in their majority were counting losses for a long period of time, during which the S&P market aligned with the freight market.
In February the modern Kamsarmax M/V Flora Island (Abt 81k dwt 2012 Blt Korea) was sold at $18.4 mill. Later in June, the M/V Miraero Brave (Abt 81k dwt 2012 Blt Korea) was sold at a shade lower, $17.8 mill, obviously due to the negative pressure exerted on rates at the time. However in July the BDI started correcting upward and the similar vessel M/V Asita Sun (Abt 81k dwt 2012 Blt Korea) was been fixed at $20.2 mill, followed by its near sister vessel M/V Pinchat (Abt 81k dwt 2012 Blt Korea), the sale of which took place in August at $21.5 mill.
During the last few weeks, market sentiment is changing over again with the BDI now moving well below the 1,000 point threshold. Is it only a matter of time before asset prices follow along? During 2015 so far the index fell to 509 points and bounced back to 1222 points in August. Yet, even within this volatile environment the price of a 2012 Kamsarmax vessel increased by 16%. Today the BDI is approaching 800 points.
Financial instabilities that prevail in the majority of the developed countries together with the macroeconomic troubles that the rest of developing economies are facing, has resulted in the weakening of global trade that is severely affecting the Dry Bulk market. The future remains unsure. The constant growth in production of commodities is not only ensuring ample supply but also attractive prices. As demand growth for some of these commodities is faltering due to slower global economic growth, concerns that tonnage supply, despite all the scrapping, might still be too much in the medium term, remain present.
While waiting for a definitive market recovery, these ups and downs at the bottom of the shipping cycle create great short-term buying opportunities. When someone who is deciding which sector to invest in, is thinking about the condition of the global economy, the “ocean” might still be one of the safer ones out there.
By Konstantinos Kontomichis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
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, 23 September 15
INDONESIA: NEW REGULATION APPLIES FINAL INCOME TAX TO MINERAL AND COAL SALES - FLORENCE GRACIA SANTOSO
To increase state revenue from the mining sector, the Government of Indonesia has imposed a new final income tax on any sale of mineral and coal, a ...
Tuesday, 22 September 15
1Q16 FOB INDONESIA COAL SWAP DECLINED 6.49 PER CENT M-M
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week.
The 4Q swap declined $ 2.29 (-5.42%) per t ...
Tuesday, 22 September 15
FOB RICHARDS BAY COAL SWAPS FALL CONTINUES
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined week over week and month over month.
The 4Q swap was down US$ ...
Monday, 21 September 15
Q4' 15 FOB NEWCASTLE COAL SWAP CLOSED HIGHER THAN Q2' 16 SWAP
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery increased $0.43 per ton (1.01%) month over month to US$ 42.95 per ton. The ...
Monday, 21 September 15
CFR SOUTH CHINA COAL SWAP GAINED WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 0.45 (0.90 %) per ton month over month.
A commodit ...
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- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- The University of Queensland
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- PTC India Limited - India
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
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