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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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Wednesday, 16 October 13
NEW STRATEGIES AND OPPORTUNITIES IN A RAPIDLY EVOLVING COAL INDUSTRY
The 12th Annual Coal Markets assumes even more significance as the industry seeks more market information, inputs on trade strategies, supply and de ...
Wednesday, 16 October 13
CAPES: RATES DROPPED; PANAMAX: ADVANCED - INTERMODAL
After a month and a half of straight weekly positive closings, the BDI has finished the week in the red. Monday started slow as holidays in the East ...
Wednesday, 16 October 13
WILL THIS LATEST DRY BULK MARKET UPTREND PROVE TO BE AS LONG-LIVED OR JUST ANOTHER MOMENTARY SPIKE? - CHRISTOS MANZTIOS
COALspot.com: So here we are again facing the same old question: Will this latest market uptrend prove to be as long-lived as all owners hope or jus ...
Wednesday, 16 October 13
KOSEP TO IMPORT 0.49 MILLION TONS OF 4600 NAR COAL FOR JAN - FEB '14
COALspot.com - Korea South-East Power Co., a Korean generator and distributor of electricity on behalf of five Korean Gencos intends to procure 490, ...
Tuesday, 15 October 13
CHINA COAL IMPORTS TO KEEP GROWING IN THE YEARS TO COME, ALBEIT AT A SLOWER RATE - EVA TZIMA / NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest monthly report, shipbroker Intermodal highlighted the growing role of coal in the energy mix. According to Intermodal's research anal ...
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- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Economic Council, Georgia
- Star Paper Mills Limited - India
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
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