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Wednesday, 08 October 14
IS THERE ANY BRIGHT SIDE ON THE DRY BULK SEGMENT? - YANNIS OLZIERSKY
 In the movie “Life Of Brian”, a character on a nearby cross was singing the famous “Always look on the bright side of life” in order to cheer up Brian, who had been sentenced to death by crucifixion. In shipping the “dry side of life” doesn't seem very bright and unfortunately the fundamentals are not there to support the industry and sing to us to “look on the bright side of an upcoming rise...”
The much anticipated Q4 is here and market hopes for a dry bulk market rally have not yet materialized and it doesn't seem like they will soon. A snapshot comparison of today's BDI with that of the same time last year reveals that by no means, and especially for the bigger sizes (Capes & Panamaxes), are we on the same track; the chart below can prove same and can show the completely different picture between present levels and those of last year.
From this comparison the only size/segments which is relatively close to last year’s figures, are the Supras and the Handysizes. These two sizes have managed to find support mainly by the US Gulf – Continent route which remains strong due to the record high predicted US grain export season. On the Pacific, although the Indonesian ban of unprocessed ore exports is weighing on Supras and Handies, strong Chinese steel exports managed to support these sizes in the backhaul trade to Continent, US and within Intra Asia.
On the other hand, the situation on the bigger sizes (Capes, Panamaxes) is not the same and their rates have plummeted compared with that of last year. Capesizes have been impacted by the drop in Brazilian iron ore exports and news that Chinese authorities are cutting coal imports by 50Mt this year in order to support the domestic coal market. Along with this, the Chinese government is formulating a new series of anti-pollution measures that may affect imports from Australia.
So is there any bright side on the Dry bulk segment? Apparently not in terms of healthy charter rates and good returns. On the other hand the crisis has given birth to opportunities in the dry bulk market; opportunities to invest! Asset prices are falling and we have seen deals concluded at attractive new lows. As a benchmark the sale of panamax BC m/v Mishima (2002 blt JPN) which has been reported sold for region USD 12,5mill is setting up a new era on asset values, since this price is in line with values we witnessed back in the end of 2012/beginning 2013 were dry bulk assets had hit bottom.
More deals on the same pace will likely follow, since the market has lately been flooded with sales candidates and market prospects remain the same. At the same time the YEN to USD exchange rate is also assisting towards this direction since Japanese owners are traditional Sellers of second hand Bulk Carriers.
What dry bulk owners with appetite to invest should be doing is to be well alerted and ready in order to manage to acquire the right tonnage at the right price!
Compiled by:
Intermodal Research & Valuations
Analysts:
Mr. George Lazaridis
Ms. Eva Tzima
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, 10 October 14
INDONESIA TO DEVELOP DOWNSTREAM COAL INDUSTRY - JP
The government is planning to launch a program to develop the downstream coal industry to increase the commodity’s added value, an official h ...
Friday, 10 October 14
U.S. PRODUCED 83.2 MMST OF COAL IN SEPTEMBER, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.6 million short tons (mmst) of coal in ...
Thursday, 09 October 14
CAPESIZE MARKET HAS CONTINUED TO SHOW WEAKNESS - FEARNLEYS
Handy
We mentioned last week that after several weeks of rate increase for the Supras, the bigger Panamaxes started to snap up better paying Supr ...
Thursday, 09 October 14
SHIPPING REMAINS CHALLENGED AS GLOBAL GROWTH DISAPPOINTS - BIMCO
The global shipping industry finds no grace from much stronger economic activity going forward, as the global recovery remains fragile and uneven. ...
Wednesday, 08 October 14
CAPES RATE FOR THE W. AUSTRALIA TO CHINA VOYAGE MOVED TO BELOW $8/MT - INTERMODAL
The Dry Bulk market remained under pressure last week, with rates for Capes remaining on the red while those for Panamaxes managed to outperform th ...
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- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Australian Coal Association
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- The University of Queensland
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
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