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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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- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- White Energy Company Limited
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Australian Coal Association
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
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