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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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Wednesday, 08 October 14
OIL COULD FALL TO USD80 BEFORE SHALE SUPPLY RESPONSE - FITCH
COALspot.com: Brent oil could fall as low as USD80 a barrel before triggering a self-correcting supply response with shale-oil drillers cutting inv ...
Tuesday, 07 October 14
TAIPOWER TO IMPORT 525K MT OF LOW ASH AND EXTRA LOW SULFUR SUB-BITUMINOUS COAL
COALspot.com: Taiwan Power Company intends to procure 525,000 metric tons of low ash and extra low sulfur sub-bituminous coal for Taipower thermal ...
Tuesday, 07 October 14
SUB-BIT FOB INDONESIA COAL SWAP SHOWS A FLAT TO WEAK TREND THIS PAST WEEK
COALspot.com: Indonesian coal swaps November 2014 delivery flat week on week and gained US$ 0.10 (-0.20%) per mt day on day. The swap also lost US$ ...
Tuesday, 07 October 14
THE RIO TINTO CONFIRMS THAT NO DISCUSSIONS ARE TAKING PLACE WITH GLENCORE
COALspot.com: The board of Rio Tinto notes the recent press speculation regarding a possible combination of Rio Tinto and Glencore.The Rio Tinto bo ...
Tuesday, 07 October 14
API 8 CFR SOUTH CHINA COAL SWAP HEADED SOUTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 1.10 (-1.64%) month over month and US$ 0.25 (-0.38%) ...
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- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Parliament of New Zealand
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
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