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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.
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Friday, 25 October 13
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED TOTALLED 803.1 MMST
COALspot.com – United States the world’s second largest coal producer produced approximately 19.10 million short tons (mmst) of coal in ...
Thursday, 24 October 13
PANAMAX: RATES SLIP ACROSS BOTH HEMISPHERES
Handy
We were back from holidays but still not much enquiries in the market. Overall future direction is uncertain. Currently, ships passing Singap ...
Thursday, 24 October 13
SHIP PRICES ARE INCREASING ON THE BACK OF IMPROVED MARKET SENTIMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on retreating from its recent highs, ending yesterday at 1,786 points, down 61 points on the day, with Capesizes leadin ...
Wednesday, 23 October 13
DRY BULK MARKET HAS SHOWN SIGNS OF STABILITY - INTERMODAL
Chartering (Wet: Stable+ / Dry: Stable-)
The Dry Bulk market has shown signs of stability this past week, with the sole exception of Capes, rates f ...
Tuesday, 22 October 13
NEWCASTLE PORT SERVED 38 OCEAN GOING VESSELS IN A WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 0.64 per cent week on week to 3.21 million mt for ...
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- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
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