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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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- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Planning Commission, India
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Australian Coal Association
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
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