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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.
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Monday, 06 October 14
' COAL-BY-WIRE' FROM SUMATRA TO JAVA - THE JAKARTA POST
Coal from the island of Sumatra accounts for most of Indonesia’s low-grade lignite, a low-quality coal that receives a poor price in internat ...
Monday, 06 October 14
THE IRON ORE SHIPPING BUSINESS IS FACING SOME ROUGH SEAS - EAST ASIA FORUM
The impact of Chinese demand on global iron ore prices is well known. A less acknowledged consequence of China’s emergence is the transformat ...
Sunday, 05 October 14
BALTIC DRY INDEX SLIPS 1.14%; BALTIC PANAMAX INDEX GAINED 9.91% WEEK ON WEEK
COALspot.com: The BDI was down by 1.14 pct and closed at 1037 points this Friday.
The Cape index was down significantly week on week or lost 5 ...
Friday, 03 October 14
U.S. WEEKLY COAL PRODUCTION UP 5.8% TO 19.9 MMST
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.9 million short tons (mmst) of co ...
Thursday, 02 October 14
CAPESIZE - DULL AND WITHOUT MUCH DIRECTION AS IRON ORE AND COAL VOLUMES FAIL TO LIVE UP EXPECTATIONS
Handy
After the recent weeks´ rate increase in the Atlantic we see Panamaxes snapping up handymax and Supra cargoes at much lower levels, p ...
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- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Australian Coal Association
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- PTC India Limited - India
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- The University of Queensland
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