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