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Wednesday, 23 October 13
MARKET SENTIMENT IN THE DRY BULK SECTOR REMAINS POSITIVE - YANNIS OLZIERSKY
 Market sentiment in the dry bulk sector remains positive despite the latest correction in freight rates for the Capesize sector, which are sliding from their recent peak of USD 42k per day down to today’s levels of USD 28k per day, said Yannis Olziersky, SnP Broker, from Intermodal.
In addition to the strong Capesize market, which found support from the recent Chinese restocking and strong demand for iron ore, chartering activity for the other segments has also improved and is surging on the back of increased shipments of grains from the US Gulf and the Black Sea.
According to Intermodal's weekly report, The dry bulk market, it seems, is witnessing a U-turn in fate; bullishness, although restrained, has return to many market players since to them it appears as if the worst phase is now behind us and the market is expected to advance at a faster pace compared to that of last year. This restrained optimism has had its impact on second hand sales as well as on the new building market, as a significant number of vessels are changing hands at prices well above last done deals and sometimes well above Sellers’ ideas, due to the fact that competition between Buyers, in an effort to secure tonnage, is driving values well above recent levels.
Same story with the new building market, where slots at good shipyards are now scarce and offered prices have surged and are about 10-15pct higher compared to orders that were placed during 1H of 2013.
What will happen next? Are we on a firm recovery track or were the latest positive developments in freight rates based only on a typical seasonal spike? Having foresight in a volatile industry like shipping, which is highly dependent on so many different parameters, is difficult and dangerous to do.
Yannis Olziersky added in his research report that, on the other hand there are some irrefutable facts which cannot be overlooked. Seaborne commodities have increased about 6pct compared to last year; fleet growth increased about 5.8pct (year to date), which is the lowest we have seen during the last couple of years. Taking also into consideration that the world economy is on a recovery phase and that the global GDP is projected to increase at a higher rate compared to previous years it is expected that dry bulk commodities will keep trading at higher volumes compared to 2013.
At the same time it is expected that today’s rates will face a correction once Chinese iron ore inventories are replenished and the strong grain season comes to an end, he commended. There is no doubt that the market does not have the ability to grow at the same pace we experienced the past couple of months since the overcapacity issue is still there and uncertainty over the global economy remains despite better forecasts.
However, what is more important to note is that dry bulk fundamentals are expected to improve and as a result the average earnings for the years ahead look to be better compared to previous ones. Hence, taking a long term perspective and in the event that the global economy will remain firm on its recovery path, the demolition market keeps active and the new building ordering will hold near its current pace (i.e. at a more moderate pace compared with booming years), we see substantial signs to be optimistic and expect to have an overall upside in freight rates over the coming years, Yannis Olziersky 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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Monday, 04 November 13
API 8 CFR S.CHINA COAL SWAP FOR Q3' 2014 DELIVERY CLOSED 3.65% HIGHER COMPARED TO Q1' 2014 PRICE
COALspot.com : API 8 CFR South China Coal swaps for average Q4 2013 delivery fell 0.24 percept W-W on Friday 1 November 2013. The CFR South China Co ...
Sunday, 03 November 13
H2' 2014 INDONESIAN COAL PRICE ( SWAPS) SHOWS POSITIVE TREND
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’2014 delivery gained 0.24 percept week on week on Friday 1 ...
Sunday, 03 November 13
THE CAPE SIZE INDEX FELL 13.61 PCT W-W
COALspot.com: The freight market continued to soften on the cape and panamax sectors , however the supramax and handy size remained fairly firm.
...
Saturday, 02 November 13
DRY BULK SHIPPERS AREN'T CELEBRATING, BUT THEIR SILENCE IS GOLDEN - MARKET REALIST
In October, performance for major dry bulk shipping companies was mixed. Companies like DryShips Inc. (DRYS) had pulled back more than Diana Shippin ...
Friday, 01 November 13
US'S COAL PRODUCTION UP 0.9 PERCENT W-W
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.3 million short tons (mmst) of coal in ...
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- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- White Energy Company Limited
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- The University of Queensland
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
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