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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, 15 October 13
NEWCASTLE PORT SHIPPED 6.50% MORE COAL W-O-W
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 6.50 per cent week on week to 3.19 million mt for ...
Monday, 14 October 13
MEMR OF INDONESIA SETS THE COAL'S SPOT PRICE AT US$ 76.61 FOR OCT'13 DELIVERY
COALspot. com - The Indonesian government has revised down government declared coal bench mark price by US$ 0.28/ MT to US$ 76.61 for October 2013 d ...
Monday, 14 October 13
CARBON POLICIES UNLIKELY TO PREVENT A COAL-FUELLED WORLD - WOOD MACKENZIE
China will propel coal growth but US, Europe and Asia will sustain global demand.
At the World Energy Congress (WEC) today Wood Mackenzie's Pres ...
Sunday, 13 October 13
Q4'13 DELIVERY SUB-BIT INDO COAL SWAP FALLS SEVEN STRAIGHT WEEK
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery fell 1.72 percept month on month on Friday 11 October 201 ...
Sunday, 13 October 13
API 8 CFR SOUTH CHINA COAL - AVERAGE Q4 2013 DELIVERY FELL 0.30 PERCEPT ON WEEK
COALspot.com : API 8 CFR South China Coal swaps for average Q4 2013 delivery fell 0.30 percept week on week on Friday 11 October 2013. The CFR South ...
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- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- The University of Queensland
- MS Steel International - UAE
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
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