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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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Friday, 11 September 15
U.S'S WEEKLY COAL PRODUCTION WAS ALMOST FLAT PAST WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.6 million shor ...
Thursday, 10 September 15
U.S. H1' 15 STEAM COAL EXPORTS FELL BY 21 PER CENT Y-Y: EIA
Coal Trade
Slower growth in world coal demand, lower international coal prices, and higher coal output in other coal-exporting countries have all ...
Thursday, 10 September 15
INDONESIAN COAL BENCHMARK PRICE HITS A NEW LOW OF $58.21 PER TON
COALspot.com - The Director General of Mineral and Coal of Indonesia once a again revised down Indonesian coal benchmark price to US$ 58.21 per MT ...
Thursday, 10 September 15
IF NOT NOW, WHEN? - GIANNIS ANDRITSOPOULOS
Our industry is well known to be cyclical with some cycles lasting longer than others. Despite the fact that these shifts in the behavior of the fr ...
Wednesday, 09 September 15
FOB INDONESIA COAL SWAP LOSE GROUND ON SLOWING DEMAND
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week.
The 4Q swap declined $ 1.92 (-4.52%) per t ...
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- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
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