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Wednesday, 16 October 13
WILL THIS LATEST DRY BULK MARKET UPTREND PROVE TO BE AS LONG-LIVED OR JUST ANOTHER MOMENTARY SPIKE? - CHRISTOS MANZTIOS
 COALspot.com: So here we are again facing the same old question: Will this latest market uptrend prove to be as long-lived as all owners hope or just another momentary spike which will deflate at the first signs of trouble?, said Christos Manztios a SnP Broker from Intermodal in his latest weekly report.
According to Christos Manztios, the dry bulk market, despite having been on a roller coaster ride since early spring, has now entered the seasonally strong months of October and November with renewed optimism. But this might come at price: Renewed optimism might result in a flurry of new-building activity/ordering which could, if done in excess, ultimately tip the scales against owners once again.
Intermodal's analyst Manztios said his latest report, albeit the improved market conditions, new ordering have seemingly started to slow down as the lack of availability of early slots (now seeing early to mid-2016) coupled with rising NB prices have both started to take their toll on buying interest. During September the dry bulk market witnessed a total of 58 dry orders, with Ultramaxes holding the lion's share and numbering 22 in total, while Handies closely followed in volume with 21.
For the time being new building capacity seems to be waning, with several shipbuilders already limiting production in many of their facilities and overstretching their slots’ schedule. This has worked fine so far, but as freight earnings start to improve and in turn we see ever growing demand for new orders, shipbuilders will inevitably seeks to remobilize their unused resources and step back up to full production, plaguing the industry with excess tonnage supply once again, Intermodal weekly report said.
According to Intermodal weekly report, Greek owners top the list for NB orders placed so far this year in terms of both number of vessels and dwt (131 vessels/11.7 mill dwt) followed by Japanese owners in terms of number of ships (106 vessels/4.2mill dwt) and Chinese owners in terms of dwt (96 vessels/6 mill dwt). Greek buyers also dominated the second hand market as well, with one in every four vessels that changed hand during 2013 ending up to a Greek buyer and at ever higher prices.
This is epitomized in the likes of sales such as that of the M/V Cape Challenger (180kdwt blt 2013 IHI) and M/V JK Pioneer (180kdwt blt 2013 HHI) which were reported sold reg USD 52mill each, a sharp appreciation in price when compared (especially taking into account the fact that the sale was included by a below market charter attached of USD 11,000/day till May 2014) with the sale of M/V Bulk Canada (180kdwt blt 2012 Hanjin Philippines) reg USD 41.25mill back in August.
"This trend is not solely attributed to the freight rally in Capes but also backed by both an overall positive perception as to the prospects of the market from 2014 onwards and the still attractively-priced assets across all size segments (at least in comparison with pre-2012 levels where a 5 year old Cape was priced above USD 36.0 mill, a 5 year old Panamax above USD 26.5 mill and a 5 year old Supramax was above USD 24,5 mill)," according to Intermodal's analyst Manztios.
Caution (and eye-brows) may have been raised as to the potential longevity of the recent run-up in freight rates, but it doesn’t look like the upward momentum is over just yet. Things may have slowed down for Capes, but with their average freight rates still holding above 30,000/day and with the rest of the size segments slowing showing signs of catching up in gains, it will all depend to what extent this positive momentum can hold and how well these new market conditions will hold up in the first quarter of 2014 a period in the year that tends to be considerably softer and a good indicator as to how well the market will perform during the whole year, Christos Manztios a SnP Broker from Intermodal concluded.
Compiled by:
Intermodal Research & Valuations | research@intermodal.gr
Analysts:
Mr. George Lazaridis | g.lazaridis@intermodal.gr
Ms. Eva Tzima | e.tzima@intermodal.gr
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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Thursday, 17 October 13
CHINA'S COAL IMPORTS DOWN 9.4% TO 25.96 MMT IN AUGUST
COALspot.com: China's August Imported coal volumes down 9.4% m-m but up 27% y-y, BNP said in its latest China Coal & Power report released on 1 ...
Wednesday, 16 October 13
NEW STRATEGIES AND OPPORTUNITIES IN A RAPIDLY EVOLVING COAL INDUSTRY
The 12th Annual Coal Markets assumes even more significance as the industry seeks more market information, inputs on trade strategies, supply and de ...
Wednesday, 16 October 13
CAPES: RATES DROPPED; PANAMAX: ADVANCED - INTERMODAL
After a month and a half of straight weekly positive closings, the BDI has finished the week in the red. Monday started slow as holidays in the East ...
Wednesday, 16 October 13
KOSEP TO IMPORT 0.49 MILLION TONS OF 4600 NAR COAL FOR JAN - FEB '14
COALspot.com - Korea South-East Power Co., a Korean generator and distributor of electricity on behalf of five Korean Gencos intends to procure 490, ...
Tuesday, 15 October 13
CHINA COAL IMPORTS TO KEEP GROWING IN THE YEARS TO COME, ALBEIT AT A SLOWER RATE - EVA TZIMA / NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest monthly report, shipbroker Intermodal highlighted the growing role of coal in the energy mix. According to Intermodal's research anal ...
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- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Australian Coal Association
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- The University of Queensland
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- PTC India Limited - India
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
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