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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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Friday, 18 October 13
DRY BULK MARKET ON "PAUSE" MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been on "pause" mode over the past week, after China's return from the week long holidays. The industry's benchm ...
Friday, 18 October 13
US PRODUCED 6.7% MORE COAL W-W
COALspot.com – United States the world’s second largest coal producer produced approximately 18.9 million short tons (mmst) of coal in a ...
Thursday, 17 October 13
CAPESIZE: RATES ARE AGAIN MOVING UPWARDS - FEARNRESEARCH
Handy
Activities were obviously slowed down in the Pacific basin. There were only few coal movements which fixed around USD 15-16k for ships in Sin ...
Thursday, 17 October 13
SGX TO LAUNCH "SGX THERMAL COAL FUTURES" NEXT MONDAY
COALspot.com: SGX is to launch two thermal coal futures contracts, SGX API 8 CFR China Coal Index Futures and SGX IHS McCloskey Indonesian Sub-bit F ...
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 ...
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- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- ASAPP Information Group - India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Economic Council, Georgia
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
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