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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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Tuesday, 29 October 13
NEWCASTLE PORT SHIPPED 12.29 PER CENT MORE COAL W-W
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 12.29 per cent week on week to 3.61 million mt for ...
Monday, 28 October 13
API 8 CFR SOUTH CHINA COAL FOR Q3'14 DELIVERY LOST ON D-D,W-W & M-M
COALspot.com : API 8 CFR South China Coal swaps for average Q4 2013 delivery fell 0.22 percept M-M on Friday 25 October 2013. The CFR South China Co ...
Monday, 28 October 13
COAL SWAP FOR Q3' 2014 DELIVERY LOST ON D-D, W-W AND M-M
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery gained 0.46 percept month on month on Friday 25 October 2 ...
Saturday, 26 October 13
PANAMAX CHARTER RATES FROM INDONESIA TO INDIA STAY FIRM - SOLYM
COALspot.com: The freight market showed tendency of softness with Cape and Panamax futures and physical soft.
The BDI was down by 12 pct week end ...
Saturday, 26 October 13
DRY BULK MARKET KEEPS ON RETREATING, BUT NEW BUILDING ORDERS KEEP ON PILING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market kept on retreating this week, with the industry's benchmark, the Baltic Dry Index (BDI) falling to 1,708 points, down 78 on the ...
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- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- The University of Queensland
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- White Energy Company Limited
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
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