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