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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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Wednesday, 01 October 14
ASIAN THERMAL COAL PRICES TO REMAIN WEAK ON OVERSUPPLY - FITCH
COALspot.com: The thermal coal market in Asia will remain oversupplied in the next 12 months, in spite of on-going rationalisation of production, a ...
Wednesday, 01 October 14
PANAMAXES: DEFENSIVE, STRUGGLING TO KEEP ANY FURTHER DECREASES - INTERMODAL
COALspot.com: The Dry Bulk market seemed unable to shake off the trend of the week prior and the BDI remained on a downward slope for the bigger pa ...
Wednesday, 01 October 14
FITCH: GLOBAL ECONOMY FACES MULTI-SPEED RECOVERY, MULTIPLE RISKS
Fitch Ratings says in its latest Global Economic Outlook (GEO) that global growth will pick up in 2015 and 2016, but risks are weighted to the down ...
Tuesday, 30 September 14
COALVIEW TO PARTICIPATE AT MET COKE WORLD SUMMIT 2014 IN CHICAGO
COALspot.com: Coalview Ltd., LLC(“Coalview”) America's leading fully integrated coal technology and fine coal recovery company prov ...
Monday, 29 September 14
INDONESIAN COAL EXPORT VOLUME FALL IN AUGUST
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
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- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- The University of Queensland
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Australian Coal Association
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
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